Minimum wages are:
A. not very controversial.
B. only enforceable at the federal level.
C. a form of government interference in the free market.
D. always needed to guarantee workers an acceptable standard of living.
Answer: C
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Economic profit is equal to:
A. total revenue minus the sum of explicit and implicit costs. B. accounting profit plus implicit costs. C. total revenue minus accounting profit. D. accounting profit minus explicit costs.
A shift in the LM curve to the left could be caused by
a. an increase in the price level. b. a decrease in the money supply. c. an increase in the precautionary demand for money. d. all of the above. e. none of the above.
Economic rent is a concept that can be applied
A) only to land, as that is the only resource that is in limited supply. B) only to land and natural talent. C) to any factor of production that is fixed in supply. D) to any resource or factor of production that has a supply curve with a positive (upward) slope.
Proponents of the managed floating exchange rate system argue that it has:
A. Added the volatility needed by the exchange rate market B. Been effective because it is a "non-system" without fixed rules C. Been sufficiently flexible to weather major economic turbulence D. Resolved major problems in balance of payments surpluses and deficits