1. What would happen if there were no minimum wage laws in the United States? Could employers pay whatever they wanted to? Explain. 2.without minimum wage laws, would everyone be paid extremely low wages

2. Liev runs a movie memorabilia website. Last year, he earned $35,000 in revenue and had explicit costs of $8,000. Liev could have made $35,000 driving a boat in a water ski show and received an additional $2,000 if he had used the company's inputs in a different way.

3. If college tuition is $2,000 this semester, books cost $400 and you can only work 10 hours rather than 40 during a 15 week semester, what is your opportunity cost of attending college?

4. Given this information for a monopoly company producing cars :

1. cost of production : 2 million ( 2000 in thousands) w/ nothing to maintain

2. foreseeable demand : q= 900-150p ( q is the number of drivers (thousands) given the price per driver p)

What would be the profit-maximizing quantity and price?

5.What are the economic principles for pricing of PS5 outside the stores

6. A small metal shop operates 10 hours each day, producing 100 parts/hour. If productivity were increased 20%, how many hours would the plant have to work to produce 1000 parts?

7. company pays $ 30/day to each of its two workers. Each worker produces 10 units per hour in 8-hours day, the labor cost per unit is ?

8. find the coordinates of the point of intersection of the line

1. On graph paper draw axes with values of x and y between 3 and 10, and plot the following points:

2. P(4, 0), Q(2, 9), R(5, 8), S(1, 2)

3. Hence find the coordinates of the point of intersection of the line passing through P

4. and Q, and the line passing through R and S.

9. If the total population in a country is 200 million, the number of unemployed is 15 million, the number of employed people is 45 million and the number of voluntary unemployed is 90 million, what is the employment rate in this country?

10. Answer the relevant questions about an economy with the following information.

a. Gross Domestic Product = 8,000

b. Net External Factor Revenues = 500

c. Gross Investments = 1,400

D. Net Investments = 1,150

to. Net Indirect Taxes = 1,200

I. What is the level of Gross National Product?

ii. What is the Domestic Income level?