The minimum wage laws seek to
A. assure that all workers are paid the same wage rate.
B. help teenagers find work.
C. assure a minimum standard of payment for work.
D. penalize employers that are not complying with labor laws.
Answer: C
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When the natural unemployment rate increases,
A) both the long-run Phillips curve and the short-run Phillips curve shift leftward. B) there are no shifts of either the long-run Phillips curve or the short-run Phillips curve. C) both the long-run Phillips curve and the short-run Phillips curve shift rightward. D) the long-run Phillips curve shifts leftward, and the short-run Phillips curve shifts rightward. E) the long-run Phillips curve shifts rightward, and the short-run Phillips curve shifts leftward.
If a foreign country imposes a voluntary export restraint, then the:
a. consumer surplus will be lower than would be so if the home country imposes a tariff b. producer surplus will be lower than would be so if the home country imposes a tariff. c. area of government revenue will be taken by the foreign country. d. deadweight loss is smaller than would be so if the home country imposes a tariff.
The device used by the BLS to adjust the market basket more frequently, while still retaining the ability to make inflation calculations, is
A. chain-based indexing. B. chain-mail indexing. C. envelop indexing. D. automatic indexing.
The value of all motorcycles produced by Harley Davidson in the United States is
A. included in the U.S. GNP but not the U.S. GDP. B. included in both the U.S. GDP and GNP. C. included in the U.S. GDP but not the U.S. GNP. D. not included in either the U.S. GDP or GNP.