The labor demand and labor supply schedules are given in the table above. If a minimum wage of $9 per hour is imposed,
A) a surplus of 300 workers occurs.
B) a shortage of 300 workers occurs.
C) there is no surplus or shortage of workers.
D) the quantity demanded is 1,000 workers.
E) there is unemployment of 700 workers.
C
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Sugarcane can be used to produce both granulated sugar and ethanol. Recent regulations in certain countries now permit a higher amount of ethanol to be added to gasoline. An economist would expect sugarcane prices to ____, and quantity sold to ____.
A. rise; rise. B. fall; fall. C. rise; fall. D. fall; remain the same.
Increasing opportunity cost exists
A) only in theory but not in real life. B) in the real world. C) for a country but not for an individual. D) as long as there is high unemployment. E) inside the PPF but not on the PPF.
Increasing transactions costs of selling an asset make the asset
A) more valuable. B) more liquid. C) less liquid. D) more moneylike.
Suppose the production function is given by Q = min{K, L}. How much output is produced when 4 units of labor and 9 units of capital are employed?
A. 13 B. 0 C. 4 D. 9