An increase in the Federal minimum wage, assuming the minimum is higher than equilibrium wage and that all other things remain constant, will:
A. reduce the number of unemployed.
B. shift the supply of labor to the right.
C. increase the number of unemployed.
D. shift the demand of labor to the right.
Answer: C
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The law of diminishing marginal returns in a manufacturing plant of a fixed capacity implies that, eventually, employing
A. one less worker will decrease the average product per worker. B. one less worker will not affect the average product per worker. C. one more worker will increase the average product per worker. D. one more worker will decrease the average product per worker.
The following questions are about mutual funds:
i. What are index funds? ii. What is an expense ratio? How do expense ratios affect the value of an investor's portfolio?
Ceteris paribus, a decrease in the number of firms selling calculators will result in
A. A decrease in the supply of calculators. B. A decrease in the demand for calculators. C. An increase in the supply of calculators. D. An increase in the demand for calculators.
Health care improvements often don't happen because:
A. health care facilities exist in most parts of the world. B. home remedies and traditional village doctors are more affordable. C. doctors in government clinics have large incentives to practice good medicine. D. people are generally resistant to improvements in their healthcare systems.