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 70 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
Great answer, keep it coming :)

anyusername12131

  • Member
  • Posts: 327
Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

« previous next »
 

Did you know?

A cataract is a clouding of the eyes' natural lens. As we age, some clouding of the lens may occur. The first sign of a cataract is usually blurry vision. Although glasses and other visual aids may at first help a person with cataracts, surgery may become inevitable. Cataract surgery is very successful in restoring vision, and it is the most frequently performed surgery in the United States.

Did you know?

The Babylonians wrote numbers in a system that used 60 as the base value rather than the number 10. They did not have a symbol for "zero."

Did you know?

According to the American College of Allergy, Asthma & Immunology, more than 50 million Americans have some kind of food allergy. Food allergies affect between 4 and 6% of children, and 4% of adults, according to the CDC. The most common food allergies include shellfish, peanuts, walnuts, fish, eggs, milk, and soy.

Did you know?

Autoimmune diseases occur when the immune system destroys its own healthy tissues. When this occurs, white blood cells cannot distinguish between pathogens and normal cells.

Did you know?

Between 1999 and 2012, American adults with high total cholesterol decreased from 18.3% to 12.9%

Changes in boreal forest composition along a chronosequence in Quebec. Dates refer to the year of th Changes in boreal forest composition along a chronosequence in Quebec. Dates refer to the year of th
The Periodic Table (Part 2) The Periodic Table (Part 2)
How to determine if a table of values represents a linear or quadratic relationship How to determine if a table of values represents a linear or quadratic relationship
Rice pudding (محلبي) Rice pudding (محلبي)
Table Table
A company that makes cell phones has the following cost structure. They have fixed costs of ... A company that makes cell phones has the following cost structure. They have fixed costs of ...
Video: Transcription—A molecular view

For a complete list of videos, visit our video library