The government of Richland has set a minimum wage for factory workers. This will lead to an ________ if above the current market wage
A) increase in total surplus
B) increase in the number of workers supplied
C) excess demand for workers
D) increase in income inequality
B
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Flora's Flower Shop bought a new van for $23,000. Today, the market price of this van is $11,000. The economic depreciation of the van is ________
A) $23,000 B) $12,000 C) $11,000 D) $34,000
Economic growth comes from ________
A) people willing to increase their skills in which case, economic growth is free B) producing more goods than people want to consume C) capital accumulation and the avoidance of opportunity cost D) capital accumulation and technological advance
An unsterilized intervention in which the central bank sells foreign assets to purchase domestic currency will result in
A) higher domestic interest rates. B) lower domestic interest rates. C) an increase in the money supply. D) lower domestic interest rates and an increase in the money supply.
Along a linear demand curve, as the price rises, demand becomes more
a. steep b. elastic c. inelastic d. unit elastic e. variable