In the above figure, at the real wage rate of $50
A) there is a surplus of 100 billion hours per year.
B) there is a shortage of 100 billion hours per year.
C) there is a surplus of 60 billion hours per year.
D) there is shortage of 20 billion hours per year.
C
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The figure above shows the demand for and supply of labor of students in Smallville. If the minimum wage is set at $8 per hour, how many hours do students work?
A) 12,000 hours B) 9,000 hours C) 6,000 hours D) None of the above answers is correct.
Table 7-5 Stereos produced 0 1 2 3 4 5 6 Total cost (in $) 200 325 410 475 550 660 825 Table 7-5 shows short-run total cost figures for a stereo manufacturer. The manufacturer’s short-run fixed cost is
A. 0. B. $75. C. $200. D. $400.
National Income (NI) is calculated by adjusting GDP for
A natural experiment always has a control group, which is affected by the policy change, and a treatment group, which is not affected by the policy change.
Answer the following statement true (T) or false (F)