Refer to Table 4-8. If a minimum wage of $10.50 is mandated there will be a
A) surplus of 30,000 units of labor. B) shortage of 60,000 units of labor.
C) surplus of 60,000 units of labor. D) shortage of 30,000 units of labor.
C
Economics
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An assumption of the neoclassical theory of growth is that
A) people receive only subsistence real GDP per person. B) all technological advances are the result of chance. C) the marginal product of all types of capital increases as more capital is accumulated. D) knowledge has diminishing returns.
Economics
Explain what is meant by allocative efficiency
What will be an ideal response?
Economics