The symmetry principle in economics means that
A) all individuals must have similar outcomes.
B) all similar individuals must be treated similarly.
C) individuals must have opposite outcomes.
D) similar individuals must have similar outcomes.
B
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In the figure above, if the minimum wage is $8 per hour, then
A) resources used in job-search activity increase compared to the situation before the minimum wage. B) it is legal to hire workers for a wage below the minimum wage because otherwise unemployment would result. C) the deadweight loss is minimized. D) Both answers A and B are correct. E) Both answers B and C are correct.
When a good is put onto the global market at a price below the cost to produce it, this is known as
A) the infant-industry argument. B) dumping. C) a quota. D) protection of domestic jobs.