The above figure shows a labor market with a minimum wage of $8 an hour. The value of the resources workers are willing to use in their job search equals the distance between point ________ and point ________
A) a; d
B) a; b
C) b; c
D) a; c
E) c; d
B
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A modified version of utilitarianism proposed by John Rawls states that
A) the distribution of the economic pie is fair if the rules are fair. B) the distribution of the economic pie is fair if it achieves the greatest happiness for the greatest number of people. C) the fair distribution of the economic pie is the one that makes the poorest person as well off as possible. D) goods may be transferred from one person to another only by voluntary exchange.
Porter's five forces portray
a. A zero-sum game b. A game where your profitability comes at the expense of someone else's c. The ability of market participants to create a larger total pie d. Only A&B
The amount of money people wish to hold shows an inverse relationship to
A. the income tax rate. B. the interest rate. C. their planned near-term purchases. D. the money supply.
If the exchange rate changes such that fewer euros, the French currency, are required to buy one dollar, then
A. Americans will buy fewer goods and services from France. B. the French will buy fewer goods and services from the U.S. C. the dollar has appreciated in value. D. the euro has depreciated in value.