The figure above shows the labor market in a region. If a minimum wage of $8 an hour is imposed, then the quantity of labor supplied is ________ and the quantity of labor demanded is ________
A) 60,000; 60,000
B) 80,000; 40,000
C) 40,000; 60,000
D) 60,000; 40,000
E) 40,000; 40,000
B
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Workers should invest in additional human capital as long as the:
A. marginal benefit exceeds the marginal cost. B. opportunity cost exceeds the marginal benefit. C. opportunity cost is zero. D. marginal cost exceeds the marginal benefit.
The difference between the pretax and posttax return to an economic activity is known as the
A) tax multiplier. B) net tax. C) tax burden. D) tax wedge.
Under which of the following situations will a tariff imposed by a country fail to reduce imports by as much as expected?
A. The domestic supply of the import-competing products is more price-elastic than was expected. B. The current tariff rate is less than the prohibitive tariff rate. C. The domestic quantity demanded of the imported product is less responsive to price changes than was expected. D. The foreign export quantity supplied of the good imported by this country is more responsive to changes in the world price than was expected.
If inflation in the rest of the world is lower than inflation in Brazil, Brazil's currency (the real) would tend to appreciate
Indicate whether the statement is true or false