Suppose that the wage for drive-thru clerks is $7 an hour at Burger King and $6.50 at McDonald's. The jobs are alike in all other respects. We would expect
a. an increase in the supply of and demand for drive-thru clerks at Burger King
b. an increase in the supply and a decrease in the demand for drive-thru clerks at Burger King
c. a decrease in the supply of drive-thru clerks at Burger King but no change in demand
d. an increase in the supply of drive-thru clerks at Burger King but no change in demand
e. a decrease in the supply of and demand for drive-thru clerks at Burger King
D
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Suppose three neighbors must vote on the installation of a traffic light that costs $210. The cost of the light will be shared by all three
Voter A values the light at $50; voter B values the light at $50; and voter C (who drives the most) values the light at $200. If the voting rule is that the majority wins, does the light get purchased? Is it efficient to purchase the light?
If Korea's average annual growth rate is 9 percent and that of the United States is 4 percent, the time required for Korea's real GDP to double will be ____ less than the time required for the GDP of the United States to double
a. 3 years b. 6 years c. 12 years d. 15 years e. 10 years
The old saying is "Be careful what you pay for, because you may get it." Discuss commission based salaries and gaming in light of the saying.
What will be an ideal response?
A government policy of providing job training for unskilled youths is an example of a policy to promote economic growth by:
A. increasing physical capital. B. improving technology. C. increasing the availability of natural resources. D. increasing human capital.