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 125 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
YES! Correct, THANKS for helping me on my review

LegendaryAnswers

  • Member
  • Posts: 341
Reply 3 on: Yesterday
:D TYSM

« previous next »
 

Did you know?

Giardia is one of the most common intestinal parasites worldwide, and infects up to 20% of the world population, mostly in poorer countries with inadequate sanitation. Infections are most common in children, though chronic Giardia is more common in adults.

Did you know?

Nitroglycerin is used to alleviate various heart-related conditions, and it is also the chief component of dynamite (but mixed in a solid clay base to stabilize it).

Did you know?

Your skin wrinkles if you stay in the bathtub a long time because the outermost layer of skin (which consists of dead keratin) swells when it absorbs water. It is tightly attached to the skin below it, so it compensates for the increased area by wrinkling. This happens to the hands and feet because they have the thickest layer of dead keratin cells.

Did you know?

Hippocrates noted that blood separates into four differently colored liquids when removed from the body and examined: a pure red liquid mixed with white liquid material with a yellow-colored froth at the top and a black substance that settles underneath; he named these the four humors (for blood, phlegm, yellow bile, and black bile).

Did you know?

The strongest synthetic topical retinoid drug available, tazarotene, is used to treat sun-damaged skin, acne, and psoriasis.

Gekko gecko in Thailand Gekko gecko in Thailand
How to find the first and second differences for any table of values How to find the first and second differences for any table of values
Standing at the head of the table, apply oil or lotion to chest area. Spread lubricant fanning out ... Standing at the head of the table, apply oil or lotion to chest area. Spread lubricant fanning out ...
Cost = $99.49; Rate of markup based on cost = 32%. Find the markup and selling price. Cost = $99.49; Rate of markup based on cost = 32%. Find the markup and selling price.
The Chi-Square Table The Chi-Square Table
Mutation of Raly and Agouti producing yellow coat Mutation of Raly and Agouti producing yellow coat
Video: What are the Parts of a Plant Cell?

For a complete list of videos, visit our video library