Refer to Scenario 7.3. Suppose that the price of labor is $5 and the price of capital is $20. Your firm desires to produce 200 units of output. How much labor will be hired to minimize the costs of producing 200 units of output?

Which of the following is true?

i. A price ceiling set below the equilibrium price decreases search activity. ii. A minimum wage is an example of a price ceiling. iii. A price support decreases the quantity consumed. A) only i B) only ii C) only iii D) i and iii E) ii and iii

According to the IGM poll, what percentage of economists polled agreed that the unemployment rate at the end of 2010 was lower with ARRA than without?

a. 97% b. 75% c. 19% d. 3%