Refer to Table 4-8. If a minimum wage of $10.50 an hour is mandated, what is the quantity of labor supplied?
A) 400,000 B) 370,000 C) 340,000 D) 60,000
A
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A monopoly definitely incurs an economic loss if
A) it produces where its marginal revenue equals its marginal cost. B) its average total cost is greater than price. C) it cannot perfectly price discriminate. D) it price discriminates. E) The statement errs because a monopoly cannot incur an economic loss.
If the number employed is 190 million, the number unemployed is 10 million, and the working-age population is 250 million, then the labor force participation rate is
A) 4%. B) 5.2%. C) 60%. D) 76%. E) 80%.
Which of the following is the best example of a government expenditure for goods or services?
A. salaries of Supreme Court justices B. social security pensions paid to the elderly C. welfare payments D. unemployment compensation
The resource income earned by those who supply labor services is called
A) wages and salaries. B) stock options. C) profit. D) bonus.