?19742015Minimum wage per hour$ 2.00$ 7.25Weekly income from minimum wage$80.00$290.00Cost of a standard basket of goods$47.00$236Number of baskets per week1.701.23
Use Table 2.5 above to answer the question. By what percentage did the real value of the federal minimum wage change between 1974 to 2015?
A. -38.5%
B. 38.5%
C. 262.5%
D. -262.5%
Answer: A
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Smith' s construction of an 8-foot fence around his property will block his neighbor Johnson's scenic view. If Smith constructed a 6-foot fence, Johnson's view would not be blocked. If Johnson values his view at $1,000 and Smith values the extra 2 feet of fence at $500, then a possible resolution is that
a. Johnson makes a side payment to Smith of $750 not to build the fence so high. b. Johnson makes a side payment to Smith of less than $500 not to build the fence so high. c. Smith makes a side payment of $750 to Johnson to live with the fence. d. Smith makes a side payment of over $1000 to Johnson to live with the fence.
Savers are willing to lend out money because:
A) they prefer to spend money in the future rather than today. B) the rate of inflation in an economy is normally positive. C) of altruism. D) the rate of inflation in an economy is normally negative.
Which of the following is included in the expenditures approach to GDP?
A. Government spending on welfare payments B. Spending on meals by consumers at restaurants C. Spending on used clothing at garage sales D. The value of stocks and bonds bought by businessmen
Which of the following trade agreements, which took effect in 1994 and was implemented over a 15-year period, eliminates all tariffs and other trade barriers between its members?
A. North American Free Trade Agreement B. World Trade Organization C. Asian Pacific Economic Cooperation D. General Agreement on Tariffs and Trade