If the labor supply and demand curves cross at a wage of $20,
a. a wage rate of $10 per hour would lead to an excess demand for labor
b. a wage rate of $10 per hour would lead to an excess supply of labor
c. that wage causes a high rate of cyclical unemployment
d. employees are overpaid
e. a wage rate of $10 per hour would mean there is a significant amount of structural unemployment
A
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The two main reasons why international trade is restricted is because restricting trade means that governments can ________ and because domestic businesses ________
A) create jobs; earn profits B) obtain revenue; rent seek C) rent seek; want to dump D) prevent dumping; want to dump E) rent seek; obtain revenue
A tariff imposed on U.S. imports into Japan tends to:
A) penalize U.S. producers and benefit Japanese producers. B) benefit U.S. producers and penalize Japanese producers. C) penalize both U.S. producers and Japanese producers. D) benefit both U.S. producers and Japanese producers.