Where do economic agents such as individuals, firms, and nations interact with each other?
A) in public locations monitored by the government
B) in any arena that brings together buyers and sellers
C) in any physical location where people can physically get together for selling goods, such as shopping malls
D) in any location where transactions can be monitored by consumer groups and taxed by the government
Answer: B
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According to some supporters of the minimum wage, it has very small or even nonexistent negative employment effects because:
A. the demand for minimum wage labor is highly elastic. B. it reduces turnover among minimum wage workers, prompts employers to use them more efficiently, and thus raises their average productivity. C. it encourages teenagers to stay in school. D. employers substitute lower fringe benefits for higher pay, keeping their compensation costs the same.
Refer to the information provided in Figure 23.12 below to answer the question(s) that follow.
Figure 23.12Refer to Figure 23.12. Suppose the economy's aggregate expenditure line is AE2. A $10 million increase in planned investment causes aggregate equilibrium output to increase to
A. $1,440.5 million. B. $1,510 million. C. $1,516.7 million. D. $1,525 million.