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 114 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

scikid

  • Member
  • Posts: 300
Reply 3 on: Yesterday
Excellent

« previous next »
 

Did you know?

Alzheimer's disease affects only about 10% of people older than 65 years of age. Most forms of decreased mental function and dementia are caused by disuse (letting the mind get lazy).

Did you know?

Oxytocin is recommended only for pregnancies that have a medical reason for inducing labor (such as eclampsia) and is not recommended for elective procedures or for making the birthing process more convenient.

Did you know?

The human body produces and destroys 15 million blood cells every second.

Did you know?

Although the Roman numeral for the number 4 has always been taught to have been "IV," according to historians, the ancient Romans probably used "IIII" most of the time. This is partially backed up by the fact that early grandfather clocks displayed IIII for the number 4 instead of IV. Early clockmakers apparently thought that the IIII balanced out the VIII (used for the number 8) on the clock face and that it just looked better.

Did you know?

Amphetamine poisoning can cause intravascular coagulation, circulatory collapse, rhabdomyolysis, ischemic colitis, acute psychosis, hyperthermia, respiratory distress syndrome, and pericarditis.

Fluidization - Calibration Table Pump #1 Fluidization - Calibration Table Pump #1
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
How to create a frequency table and histogram from raw data How to create a frequency table and histogram from raw data
Look at Table 4.2.2. Consumers learn that the rubber ducks wear out batteries quickly. As a ... Look at Table 4.2.2. Consumers learn that the rubber ducks wear out batteries quickly. As a ...
Eggs with rice Eggs with rice
Table - Analysis Table - Analysis
Video: Introduction to Genetics

For a complete list of videos, visit our video library