Refer to the figure above. If the government institutes a minimum wage rate at $30, the unemployment in the market will be:
A) 25 units of labor. B) 10 units of labor. C) 15 units of labor. D) 20 units of labor.
B
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Of the following OECD countries, which has the lowest infant mortality rate?
A) the United Kingdom B) Japan C) Canada D) the United States
A competitive equilibrium fails to be a Pareto Optimum with a distorting tax because
A) the consumer's budget constraint has an additional kink. B) the firm is no longer maximizing profits. C) the government wastes its revenue. D) the consumer faces a different effective wage than the firm.
Suppose that, in the long run, a dairy's variable costs are VC = 2Q2 (where Q is the number of gallons of milk produced each day), its marginal cost is MC = 4Q and there is an avoidable fixed cost of $50 per day. In the long run there is free entry into the market. The long run market supply curve is:
A. vertical at 5 gallons per day. B. horizontal at $20 per gallon. C. horizontal at $50 per gallon. D. horizontal at $100 per gallon.
Who promised "two cars in every garage and a chicken in every pot?"
A. Herbert Hoover B. Franklin D. Roosevelt C. Dwight D. Eisenhower D. John F. Kennedy