A price floor is:
A. a legal maximum price.
B. a legal minimum price.
C. a legal maximum quantity that can be sold at a particular price.
D. a legal minimum quantity that can be sold at a particular price.
B. a legal minimum price.
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The economy could produce at 8 units of outboard motors and 18 units of robots
A. immediately only under unusual circumstances such as war.
B. if there is economic growth over a period of years.
C. under no circumstances.
D. immediately only under unusual circumstances such as war AND if there is economic growth over a period of years.
Which of the following statements is TRUE about the success of the World Bank?
A) The World Bank has been successful because it has focused on its primary function of making loans to governments. B) The World Bank has not been successful because it has focused on making loans to governments where there has been a loss of confidence in a nation's financial system. C) The World Bank has not been successful because many loans have been made to countries that can attract private funds. D) The World Bank has been very successful in promoting economic growth because loans have been primarily made to countries that have trouble attracting private funds.
If employers were required by law to increase the wages paid to secretaries by 40 percent, which consequence could we most confidently predict?
A) More secretaries would be employed. B) Secretaries would begin to earn more than they are worth to their employers. C) The marginal value of secretaries would increase by about 40 percent. D) The total amount of wages paid to secretaries would decrease. E) The total amount of wages paid to secretaries would increase.
Refer to Figure 5-13. The actual price of gasoline paid by consumers after the tax is implemented is ________ per gallon
A) $3.00 B) $3.75 C) $4.25 D) $5.00