Homework Answers
The public goods are non excludable and non rival in consumption.
The national defense is non excludable and non rival.
The minimum wage should be set above the equilibrium wage and when it is set above the equilibrium wage, there should beba surplus of labours. This is because at higher wages more will be willing to work. The quantity of labour supplied in excess of quantity of labour demanded, this is an increase in the unemployment rate.
Ans: D. 
(50-10).
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Assume national defense is a public good. If so, then national defense is and Use the...
Use the figure below to answer the following questions. Wage rate (dollars per hour) 16 O...
Use the figure below to answer the following questions. Wage rate (dollars per hour) 16 O A. $8 OB. 56 OC. $4 OD. $10 O E. $12 ull Rect 20 40 60 80 labour (millions of hours) Figure 6.2.1 Refer to Figure 6.2.1. What is the equilibrium wage rate per hour in an unregulated market? O A. $8 O B. $6 OC. 54 OD. 510 O E. $12
Wage rate (dollars per hour) S 8 6 4 2 2 020 40 60 80 Labour...
Wage rate (dollars per hour) S 8 6 4 2 2 020 40 60 80 Labour (millions of hours) Figure 6.2.1 24) Refer to Figure 6.2.1. If the minimum wage is set at $6 per hour, what is the level of unemployment in millions of hours? A) 50 B) 20 C) 0 D) 10 E) 40
Click on the icon to study the Economics in the News. Nate that the minimum wage...
Click on the icon to study the Economics in the News. Nate that the minimum wage was last increased in 2010 and Wage rate (dolars per hour) that since then other wage rates and the cost of most things that people buy have increased. Then answer the following quesfons Between 2010 and 2014, the demand for labour and the supply of labour S OA decreased; increased O B. decreased, dedeased 15 Minimum Wage O C. increased, increased OD. increased, decreased...
100% Wed 12:53 PM uction to Microeconomics Question 5 Answer ved Marked out of Use the...
100% Wed 12:53 PM uction to Microeconomics Question 5 Answer ved Marked out of Use the table below to answer the following questions Table 6.2.1 Wage Rate wantity supplied Quantity Dema (dollar per how theus per week) (he Table 5 2.1 gives the supply and demand schedules for teenage labour in Genoa City. There is a minimum wage set at $16 per hour. Suppose a new fast food restaurant opens and increases the quantity demanded of teenage labour by 400...
s Question Help Gwynnie Pie Company makes dessert pies for national fast food chains. Gwynnie Pie...
s Question Help Gwynnie Pie Company makes dessert pies for national fast food chains. Gwynnie Pie Company is considering using ABC costing and has the following activity cost pools and information available: Activities Estimated Overhead Costs Estimated Activity Material handling measured by batches $259,000 2,800 batches Mixing measured by batches $116,000 2,320 batches OB. $4.66 per machine hour O C. $0.04 per unit OD. $50.00 per batch Click to select your answer. ? Packaging measured by units Maintenance measured by...
The graph to the right depicts the market for unskilled labor. With the market initially in...
The graph to the right depicts the market for unskilled labor. With the market initially in equilibrium, let a minimum wage be set at $8 per hour. The amount of unemployment is now The Market for Unskilled Labor O A. zero. OB. 40,000 hours of labor. C. 50,000 hours of labor. OD. 20,000 hours of labor. Min Wage Wage ($ per hour) 10 20 30 40 50 60 70 80 Hours of Labor ('000) 90 100 If the closing price...
The graph shows the market for labor. Prior to the minimum wage law of $15 per...
The graph shows the market for labor. Prior to the minimum wage law of $15 per hour per hour Alter the law, workers are hired. _workers are hired at Wage rate (dollars per hour) O A. 150,000, 515, 150,000 OB. 150,000 $15, 250,000 O C. 150,000, 59, 150,000 OD. 150,000 $9, 250,000 O E. 150,000, 59,50,000 0 50 100 150 200 250 300 Quantity (thousands of workers) Click to select your answer hp ? "* * * ** * *...
Consider an economy with an inflationary gap. The advantage of using a contractionary fiscal policy rather...
Consider an economy with an inflationary gap. The advantage of using a contractionary fiscal policy rather than allowing the economy's natural adjustment mechanism to operate is that O A private sector expenditures increase on their own, the policy will stabilize real GDP. OB. It will shorten what might otherwise be a long recession OC. will reduce the inflationary pressure on prices that would otherwise ocur. OD. It wil dose the output gap. Click to select your answer MacBook Air Assume...
Iglesias, Inc. completed Job 12 on November 30. The details of Job 12 are given below....
Iglesias, Inc. completed Job 12 on November 30. The details of Job 12 are given below. Direct labor cost Direct materials cost Machine hours Direct labor hours Predetermined overhead allocation rate $900 $1,000 7 hours 23 hours $70 per machine hour What is the total cost of Job 12? O A. $1,490 OB. $1,900 OC. $1,390 OD. $2,390 Click to select your answer.
READ THE NEWS EXTRACT AND ANSWER QUESTION 1 It’s official: South Africa’s first National Minimum Wage...
READ THE NEWS EXTRACT AND ANSWER QUESTION 1 It’s official: South Africa’s first National Minimum Wage becomes law The divisive National Minimum Wage Bill has been ratified by Cyril Ramaphosa. But is it enough for South Africa's poorest citizens? by SAnews 2018-11-26 19:05 President Cyril Ramaphosa has signed into law the National Minimum Wage Bill, which sets a historic precedent in the protection of low-earning workers. The Bill provides a platform for reducing inequality in society and decreasing huge disparities...
Use the figure below to answer the following questions. Wage rate (dollars per hour) 16 O A. $8 OB. 56 OC. $4 OD. $10 O E. $12 ull Rect 20 40 60 80 labour (millions of hours) Figure 6.2.1 Refer to Figure 6.2.1. What is the equilibrium wage rate per hour in an unregulated market? O A. $8 O B. $6 OC. 54 OD. 510 O E. $12
Wage rate (dollars per hour) S 8 6 4 2 2 020 40 60 80 Labour (millions of hours) Figure 6.2.1 24) Refer to Figure 6.2.1. If the minimum wage is set at $6 per hour, what is the level of unemployment in millions of hours? A) 50 B) 20 C) 0 D) 10 E) 40
Click on the icon to study the Economics in the News. Nate that the minimum wage was last increased in 2010 and Wage rate (dolars per hour) that since then other wage rates and the cost of most things that people buy have increased. Then answer the following quesfons Between 2010 and 2014, the demand for labour and the supply of labour S OA decreased; increased O B. decreased, dedeased 15 Minimum Wage O C. increased, increased OD. increased, decreased...
100% Wed 12:53 PM uction to Microeconomics Question 5 Answer ved Marked out of Use the table below to answer the following questions Table 6.2.1 Wage Rate wantity supplied Quantity Dema (dollar per how theus per week) (he Table 5 2.1 gives the supply and demand schedules for teenage labour in Genoa City. There is a minimum wage set at $16 per hour. Suppose a new fast food restaurant opens and increases the quantity demanded of teenage labour by 400...
s Question Help Gwynnie Pie Company makes dessert pies for national fast food chains. Gwynnie Pie Company is considering using ABC costing and has the following activity cost pools and information available: Activities Estimated Overhead Costs Estimated Activity Material handling measured by batches $259,000 2,800 batches Mixing measured by batches $116,000 2,320 batches OB. $4.66 per machine hour O C. $0.04 per unit OD. $50.00 per batch Click to select your answer. ? Packaging measured by units Maintenance measured by...
The graph to the right depicts the market for unskilled labor. With the market initially in equilibrium, let a minimum wage be set at $8 per hour. The amount of unemployment is now The Market for Unskilled Labor O A. zero. OB. 40,000 hours of labor. C. 50,000 hours of labor. OD. 20,000 hours of labor. Min Wage Wage ($ per hour) 10 20 30 40 50 60 70 80 Hours of Labor ('000) 90 100 If the closing price...
The graph shows the market for labor. Prior to the minimum wage law of $15 per hour per hour Alter the law, workers are hired. _workers are hired at Wage rate (dollars per hour) O A. 150,000, 515, 150,000 OB. 150,000 $15, 250,000 O C. 150,000, 59, 150,000 OD. 150,000 $9, 250,000 O E. 150,000, 59,50,000 0 50 100 150 200 250 300 Quantity (thousands of workers) Click to select your answer hp ? "* * * ** * *...
Consider an economy with an inflationary gap. The advantage of using a contractionary fiscal policy rather than allowing the economy's natural adjustment mechanism to operate is that O A private sector expenditures increase on their own, the policy will stabilize real GDP. OB. It will shorten what might otherwise be a long recession OC. will reduce the inflationary pressure on prices that would otherwise ocur. OD. It wil dose the output gap. Click to select your answer MacBook Air Assume...
Iglesias, Inc. completed Job 12 on November 30. The details of Job 12 are given below. Direct labor cost Direct materials cost Machine hours Direct labor hours Predetermined overhead allocation rate $900 $1,000 7 hours 23 hours $70 per machine hour What is the total cost of Job 12? O A. $1,490 OB. $1,900 OC. $1,390 OD. $2,390 Click to select your answer.
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