Consider what most economists believe is the effect of minimum wage on unemployment in the United States. Based on that, in which of the following types of countries would the minimum wage have the most significant effect on unemployment?
a. countries with a high GDP
b. countries with a low life expectancy
c. countries with a high infant mortality rate
d. countries with a high level of union participation
b. countries with a low life expectancy
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The “isms”
When it comes to productivity, some economists argue that
A) unions have caused a decrease in productivity by excessive staffing and makework requirements. B) through the use of featherbedding unions have been responsible for productivity increases. C) the passage of the Taft-Hartley Act has led to a significant decrease in productivity. D) the union's insistence on profitability laborsaving devices has led to an increase in productivity.
"An extra dollar of income gives more additional satisfaction to a poor person than to a rich person." This is an important assumption of which political philosophy?
a. utilitarianism b. liberalism c. libertarianism d. republicanism
What measure does the federal government use when setting the official poverty line in the US?