Category: Economics

Which of the following statements are true regarding precedent?Appellate level courts set precedent.Both trial courts and appellate courts set precedent.Trial court decisions do not set precedent.

➤ How does paid leave interact with FMLA entitlements?
FMLA itself does not mandate pay, but accrued paid leave (sick, vacation, PTO) can be substituted and will run concurrently with FMLA. Employer policies or state paid family leave programs may provide pay. Any paid leave used while on FMLA still counts against the 12‑week statutory entitlement.

The mental framowork we use when organizing knowledgo to make docisions is
a.) a schoma
b.) a judgment
c.) a prototypo
d.) a bollef

➤ How does a minimum wage affect the equilibrium wage?
A minimum wage set above the equilibrium acts like a price floor. It can create a labor surplus, raising unemployment or reducing hours for some workers. If set below equilibrium, it is nonbinding and has no effect. In monopsony markets, a modest floor can increase employment by correcting employer power.

➤ How does “Adults only” function in advertising and when is it discriminatory?
“Adults only” is appropriate for age-restricted goods or venues like alcohol or explicit content when law requires an age limit. It becomes discriminatory in housing or services that protect familial status, because it excludes families with children. Use explicit legal justification or neutral eligibility criteria when an age restriction truly applies.

If a policy designed to encourage students to attend liberal arts colleges causes enrollments at trade schools to plummet, this is a(n)

E0) Calculate the price elasticity of demand for Bobbie’s Bakery’s wheat germ loaf. When the price increases by 26%, the quantitydemanded changes by -53%.Round your answer to two decimal places.