Those that gain from an increase in the minimum wage are
A. those workers who keep their jobs.
B. all workers.
C. consumers who pay lower prices for goods.
D. employers.
Answer: A
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Profits and losses are true signals because they
A) convey information about true long-run profits. B) cannot be misinterpreted by entrepreneurs. C) convey information about where to place resources and reward people who act on the information. D) reward people who make profits with even more profits and punish those who make losses with even more losses.
Which of the four types of economic decision makers is most important?
a. firms, because they produce all goods and services in the economy b. households, because they demand goods and services and supply resources c. government, because it ultimately sets and enforces the "rules of the game" d. government, because it steps in when there is market failure e. the rest of the world, because there are over 150 countries
The balance of payments is:
A. the accounting of trade in financial assets. B. the accounting of trade in goods and capital. C. positive when a country has a trade deficit. D. negative when a country has a trade surplus.
All final goods and services that make up GDP can be expressed in the form:
a. GDP = C + I + G + (X + M). b. GDP = C + I – G + (X + M). c. GDP = C + I + (X – M). d. GDP = C + I + G + (X – M).