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If a minimum wage were imposed, some employers would react by
a. Hiring lower-skilled workers and paying them more. b. Raising the wages of all workers, regardless of skill. c. Hiring more lower-skilled workers at their market wage. d. None of the answers is correct.
What is the marginal revenue product of labor (MRP)? What shape does the MRP curve have? Why? What is marginal factor cost? How is it related to the supply curve of an input?
They could each decide to work a few extra hours on Saturday and earn more income. But they choose to play tennis or to relax around the house.
Suppose the value of the price elasticity of supply is 4. What does this? mean? Deadweight loss is.
Which of the following are true of capital as a determinant of economic growth? Check all that apply.
Compute effects of an appreciation and a depreciation in the exchange rate on the price of its output in that country and the likely effects on the demand for its output.
How could they continue to operate at a loss? 3. You want to determine the profit-maximizing production quantity for a monopolist.
Suppose that it is proposed to create a single local jurisdiction and government for your entire metropolitan area or region, to be called Metroland. It would replace all cities and/or towns that currently provide basic local services (such as public..
Which of the following would occur if the federal government decided to use a budget surplus to reduce the existing debt.
A couple wants to save for their daughter’s college expense. The daughter will enter college 10 years from now and she will need $45,000, $46,000, $47,000 and $48,000 in actual dollars for 4 school years. What is the equal amount, in actual dollars, ..
Describe the externality that arises from plastic bags. Draw a graph to illustrate how plastic bags create deadweight loss. With 70 percent of all plastic bags coming from grocery, drug and convenience stores, inJuly 2008, Seattle imposed a tax of 2..
What is being held constant when the supply curve is constructed for a specific good like pizza or automobiles? Explain why the supply curve for a good slopes upward to the right
Elucidate how do you find the angle of the ray the isoquants are on. One more unit of capital does the firm no good. Draw the isoquants for this production function.
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