This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Refer to Table 2-9. What is Thailand's opportunity cost of producing one pound of rice? A) 60 ... (Read 97 times)

NguyenJ

  • Hero Member
  • *****
  • Posts: 516
on: Jun 29, 2018
Refer to Table 2-9. What is Thailand's opportunity cost of producing one pound of rice?
 
  A) 60 wristwatches B) 20 wristwatches
  C) 5 wristwatches D) 0.05 units of a wristwatch

Question 2

What would be the impact of a minimum wage that is set below the equilibrium wage that would otherwise prevail in the labor market?
 
  What will be an ideal response?


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

Kdiggy

  • Sr. Member
  • ****
  • Posts: 340
Reply #1 on: Jun 29, 2018
Answer to Question 1

D

Answer to Question 2

This would have no impact on the labor market. The reason is that the market is already paying workers above what the minimum wage requires. The only way for a minimum wage to have any practical effect on the labor market is for it to be set above the equilibrium wage rate.


NguyenJ

  • Member
  • Posts: 516
Reply 2 on: Jun 29, 2018
Gracias!

dantucker

  • Member
  • Posts: 346
Reply 3 on: Yesterday
Wow, this really help

« previous next »
 

Did you know?

Adult head lice are gray, about ? inch long, and often have a tiny dot on their backs. A female can lay between 50 and 150 eggs within the several weeks that she is alive. They feed on human blood.

Did you know?

Allergies play a major part in the health of children. The most prevalent childhood allergies are milk, egg, soy, wheat, peanuts, tree nuts, and seafood.

Did you know?

You should not take more than 1,000 mg of vitamin E per day. Doses above this amount increase the risk of bleeding problems that can lead to a stroke.

Did you know?

The cure for trichomoniasis is easy as long as the patient does not drink alcoholic beverages for 24 hours. Just a single dose of medication is needed to rid the body of the disease. However, without proper precautions, an individual may contract the disease repeatedly. In fact, most people develop trichomoniasis again within three months of their last treatment.

Did you know?

Most women experience menopause in their 50s. However, in 1994, an Italian woman gave birth to a baby boy when she was 61 years old.

A spark plug thread chaser is a low-cost tool that hopefully will not be used often, but is ... A spark plug thread chaser is a low-cost tool that hopefully will not be used often, but is ...
Typical Startup Cost Categories Typical Startup Cost Categories
How to determine an exponential relation from a table of values How to determine an exponential relation from a table of values
Table Salt Is Composed of Sodium and Chloride Table Salt Is Composed of Sodium and Chloride
table table
The periodic table and its creator, Dmitry Mendeleyev. The periodic table and its creator, Dmitry Mendeleyev.
Video: Regulation of GFR: autoregulation via myogenic mechanism Myogenic mechanism

For a complete list of videos, visit our video library