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23 Nov 2019

Statement 1: Raising the minimum wage will lead to a surplus of workers in the labor market. Statement 2: Rent controls lead to shortages in the housing market.
A) Statement (1) is a normative economic statement; statement (2) is a positive economic statement.
B) Both statements (1) and (2) are normative economic statements.
C) Both statements (1) and (2) are positive economic statements.
D) Statement (1) is a positive economic statement; statement (2) is a normative economic statement.

Not sure.

Which statement is TRUE about scarcity?
A) Scarcity is no longer an economic problem in the U.S. because it is a rich country.
B) None of the answers given is true of scarcity.
C) If we all had more money, there would be no scarcity.
D) The economic problem is limited to finding a solution for poverty.

Is it B?

Statement 1: Germany decides to tax U.S. wine coming into its country. As a result, German producers of wine are able to charge higher prices for their German-made wine. Statement 2: This tax is an example of a tariff.
A) Statement (1) is true; statement (2) is false.
B) Both statements (1) and (2) are true.
C) Both statements (1) and (2) are false.
D) Statement (1) is false; statement (2) is true.

Not sure.

Two countries can be better off by specializing and trading (say goods X and Y) with one another if:
A) One country has the comparative advantage in one good (say good X), while the other country has the comparative advantage in the other good (good Y).
B) Both countries have the comparative advantage in one good (say good X).
C) Both countries have the absolute advantage in producing one good (say good X).
D) One country has both the absolute and comparative advantage in one good (say good X), while the other country has both the absolute and comparative advantage in the other good (good Y).

Is it D?

Which of the following statements about a minimum wage is TRUE?
A) In order for the minimum wage to be effective, it must be set BELOW the equilibrium wage.
B) An effective minimum wage ensures that all people who are looking for work will be able to find work at jobs that pay a decent wage.
C) All of the answers given are true.
D) A higher minimum wage leads to a shortage of workers in the market.
E) An effective minimum wage acts as a price floor on the wage that businesses pay workers.

Is it C?

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Elin Hessel
Elin HesselLv2
20 Jul 2019
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