A binding minimum wage is a type of:
a. quota.
b. price floor.
c. price ceiling.
d. tax incidence.
Ans: b. price floor.
Economics
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The free rider problem causes goods not to be produced when
A) the opportunity cost of providing them is low. B) the quantity supplied is greater than the quantity demanded. C) they can't be produced by government. D) they can't be provided exclusively to the people who pay for them.
Economics
Which of the following is not a feature of the steady state in Solow's exogenous growth model?
A) The capital/output ratio is steady. B) Capital grows continuously. C) Consumption per worker is steady. D) Total saving is steady.
Economics