________ dictates the lowest wage that firms may pay for labor
A) A maximum wage requirement
B) A minimum wage law
C) The black-market wage
D) A price-ceiling wage
Answer: B
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Slick Shades has a constant marginal cost of production equal to $80 and the distributors have a constant marginal cost of distribution equal to $30. If Slick Shades vertically integrates with the perfectly competitive distributors, the relevant demand curve for the combined firm is the ________ demand curve and the combined firm's marginal cost is equal to ________.
The figure above shows the wholesale demand and marginal revenue curves for Slick Shades Sunglasses, a sunglasses firm with market power. Slick Shades Sunglasses has a constant marginal cost of production and it sells to perfectly competitive independent retail distributors that have a constant marginal cost of distribution.
A) retail; $110
B) retail; $80
C) wholesale; $110
D) wholesale; $80
Out-of-pocket expenses such as wages and raw materials are
A) direct costs. B) an owner-provided capital cost. C) implicit costs. D) explicit costs.
Which of the following does not usually occur when there is an increase in government spending?
a. Government purchases crowd out private-sector spending. b. Total spending decreases. c. The interest rate increases. d. Investment spending declines. e. Household saving increases.
In 2012, the imaginary nation of Kanmiw had a population of 8,044 and real GDP of 36,198,000 . In 2013 it had a population of 7,800 and real GDP of 35,880,000 . What was the growth rate of real GDP per person in Kanmiw between 2012 and 2013?
a. -2.2 percent b. -0.7 percent c. 2.2 percent d. 4.5 percent