Which of the following is true with regard to minimum wages?
a. A minimum wage does little to alleviate poverty
b. A minimum wage helps deal with the problem of poverty.
c. A minimum wage leads to a surplus or unemployment in the skilled labor market.
d. A minimum wage adversely affects the unskilled laborers between the age group 40 and 45.
e. A minimum wage helps provide employment to teenagers and improve their standard of living.
a
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What is least accurate about marketing and selling in the US prior to the Civil War?
a. Attracting customers was not a main objective of advertising. b. Installment buying was known, but was uncommon until about 1900. c. Most companies eliminated wholesalers to market products directly to their customers and save money. d. Advertising was typically limited to magazines and some occasional outdoor ads in big cities.
"Quantitative easing" is when:
a. Lending rules and underwriting standards are relaxed, which often leads to speculation. b. Increasing a nation's money supply even though interest rates appear to be at a minimum. c.Increasing government spending and reducing taxes even though they do not appear to be increasing aggregate demand. d. All of the above.
Suppose that the ABC industry produces a good that results in significant spillover costs to society. Such production suggests that:
A. at the market price, quantity demanded is less than quantity supplied. B. the firms in this industry are not maximizing profits. C. resources are overallocated to the industry. D. resources are underallocated to the industry.
In a sense, a cartel is self-destructive because
A) it reduces consumer surplus. B) it sets price above marginal cost. C) each cartel member has the incentive to cheat on the cartel. D) each cartel member earns economic profit.