A situation in which output decreases while prices increase is often referred to as:
A. inflation.
B. negative economic growth.
C. a recession.
D. stagflation.
Answer: D
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The above figure shows a labor market. Before the minimum wage of $8 an hour is imposed, employment equals ________ workers; after the minimum wage of $8 an hour is imposed, employment equals ________ workers
A) 80,000; 40,000 B) 40,000; 80,000 C) 60,000; 40,000 D) 60,000; 80,000 E) 80,000; 60,000
Other things being equal, a ____ supply of workers tends to ____ real wages
a. larger; decrease b. smaller; decrease c. larger; increase d. smaller; not change
The following condition describes the economic term “scarcity”:
a. The number of rental cars available at the airport b. The quality of the air that we breathe c. The time it takes to learn a new skill d. Global oil reserves are limited.
The minimum wage has never been sufficient to get a family of ________ above the poverty line.
A. one B. four C. two, three, or four D. three or four