The Chicago City Council considered a "living wage" ordinance that would raise the minimum wage in Chicago to about $10 an hour. How did most economists probably view this legislation?
A. The city will benefit because more people will move to Chicago.
B. All people looking for work will be helped, but consumers will be hurt.
C. It is a proposal that is meant to help everyone.
D. Workers who can find work will be helped, but some people will lose their jobs.
Answer: D
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Comment on the following statement: "Average fixed cost falls as output rises, but average fixed cost will never be equal to zero."
What will be an ideal response?
A midwestern farmer grows wheat and sells it to a miller for $500 . After processing, the miller sells the flour to a baker for $800, who then sells it to a grocery store for $1,000 . The grocery store sells it to customers for $1,200 . In these transactions, how much has been added to GDP?
a. $500 b. $800 c. $1,000 d. $1,200 e. $3,500
Which of the following actions is most likely to lead to an increase in the money supply?
A) Fed purchases of government securities B) an increase in the required reserve ratio C) an increase in the discount rate D) none of the above
The data points on a supply curve come from
A. the same place from which we get the data points on a demand curve. B. the supply schedule. C. companies' annual reports. D. survey analysis.