In the figure above, if the minimum wage is $2 per hour, then
A) the quantity of labor supplied is 4 million hours and the quantity of labor demanded is 2 million hours.
B) the quantity of labor demanded is 4 million hours and the quantity of labor supplied is 2 million hours.
C) unemployment is 1 million hours.
D) the quantity of labor supplied is 3 million hours and the quantity of labor demanded is 3 million hours.
D
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If you exhibit the endowment effect as a decision maker, then you are
A) consuming based on celebrity endorsements. B) deciding on the basis of sunk costs. C) buying something you can't really afford because you expect to save in the future. D) ignoring non-monetary opportunity costs.
The quantity theory of money is based on the formula that
A) V = P*Y*Ms. B) Y = P*V/Ms. C) Ms= P*V/Y. D) P = Ms*V/Y.