In Figure 30.2, the equilibrium wage rate is
A. $20 per hour.
B. $12 per hour.
C. $24 per hour.
D. $16 per hour.
Answer: D
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Ninth National Bank holds $200 million in checkable deposits and $18,000,000 in total reserves. With a required reserve ratio of 8 percent, how much in excess reserves is Ninth National holding?
A) $1,440,000 B) $218,000,000 C) $17,440,000 D) $16,000,000 E) $2,000,000
The economy of Carl’s country is growing at a rate of 1.75 percent per year. The economy of Miska’s country is growing at a rate of 3 percent per year. Approximately how much longer than Miska’s country will it take for the economy of Carl’s country to double?
a. 1.25 years b. 16.7 years c. 56 years d. 40 years
When the average cost curve lies above the entrant's residual demand curve, an entrant:
A. lowers the incumbent's average cost curve. B. can profitably enter the market. C. cannot profitably enter the market. D. is indifferent between entering and not entering the market.
Assume that you pay $10,000 of tax on a taxable income of $50,000. If your taxable income were $150,000, your tax payment would be $25,000. This suggests the tax is:
A. progressive. B. proportional. C. regressive. D. discriminatory.