Studies of the effects of the minimum wage typically find that a 10 percent increase in the minimum wage depresses teenage employment by about
a. 1 to 3 percent.
b. 5 to 7 percent.
c. 10 percent.
d. None of the above is correct because studies show no decrease in teenage employment.
a
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For country North, the opportunity cost incurred when 3 tractors are produced is 21 watches. For country South, the opportunity cost incurred when 5 tractors are produced is 100 watches
Which country has the comparative advantage in the production of tractors? A) South B) North C) Both have the comparative advantage in the production of tractors. D) Neither country has the comparative advantage in the production of tractors. E) More information is needed about which country has the comparative advantage in the production of watches.
Julia prepares tax returns and does bookkeeping. Last year her revenues from the tax and bookkeeping business were $150,000 . and her expenses for the business were $15,000 . When she started her tax and bookkeeping business, Julia gave up her supplemental job doing in-home pet sitting. She used to earn $10,000 per year from pet sitting. Assume that she incurred no costs for her pet sitting
business. Julia's implicit costs are a. 0. b. $10,000. c. $15,000. d. $25,000.