At $7.25 per hour, the 2016 inflation adjusted minimum wage was
A. statutorily constant.
B. at an all-time high.
C. nearing a 50-year low.
D. near its historical average.
Answer: D
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Which of the following will increase the demand for large automobiles?
a. A fall in the price of small automobiles. b. A rise in insurance rates for large automobiles. c. A fall in the price of large automobiles. d. A rise in buyers' incomes (assuming large automobiles to be a normal good).
Assume the economy is in recession, the MPC is 0.80, and an increase of $200 billion in spending is needed in order to reach full employment. The target can be reached if government spending is increased by:
a. $20 billion. b. $200 billion. c. $80 billion. d. $40 billion.
Which of the following actions is most likely to cause a rightward shift in a production possibilities curve [PPC]?
a. Shifting from the production of one product to the production of another product b. Shifting all resources to the production of one product c. Employing idle resources d. Using fewer resources in production e. Increasing the technological know-how used in production
If a firm experiences gains from specialization as it increases its scale of production, we would expect its long-run average cost curve to be:
A) upward-sloping. B) horizontal. C) downward-sloping. D) vertical. E) U-shaped.