If the imposition of a binding minimum wage results in much higher unemployment among workers seeking minimum wage jobs,
a. firms will respond by demanding more labor.
b. those workers who are employed will be worse off than before the minimum wage law.
c. labor demand is relatively elastic.
d. labor demand is relatively inelastic.
c
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According to this Application, tariffs in the United States are very high on textiles, apparel items, and footwear, and within these categories tariffs are highest on the cheapest products
These tariffs disproportionately impact lower-income households because A) only lower-income consumers buy cheap, imported products. B) these cheaper products tend to be purchased by lower-income consumers. C) higher-income consumers can deduct the tariff from their income taxes. D) higher-income consumers tend to refuse to purchase products with tariffs.
The counterparty of someone buying a futures contract on the Chicago Board of Trade is::
A) Chicago Board of Trade B) hedger C) speculator D) trader
Explain the source of monopoly power for DeBeers' Diamond Mine in South Africa, Microsoft (owned by Bill Gates), the American Medical Association (which licenses doctors), Polaroid's Instant Picture Cameras, USAir (which owns virtually all the gates at the airport in Charlotte, North Carolina), and electric utilities
When supply increases
A. demand decreases. B. price increases because excess supply develops at the original price. C. price decreases because a less supply is available at the original price. D. price decreases because a excess supply at the original price.