How does minimum wage affect employment?
a. The number of people who want to work fluctuates, contributing to unemployment.
b. The number of people who want to work remains fixed, reducing unemployment.
c. More people want to work than employers are willing to hire, contributing to unemployment.
d. Fewer people want to work than employers are willing to hire, reducing unemployment.
c. More people want to work than employers are willing to hire, contributing to unemployment.
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Answer the following statements true (T) or false (F)
1. The members of the Board of Governors of the Federal Reserve System are appointed by the U.S. president. 2. Members of the Board of Governors are appointed for five-year terms. 3. All members of the Board of Governors are members of the Fed’s Open Market Committee. 4. Each Federal Reserve Bank can issue Federal Reserve notes. 5. Each District Reserve Bank has branch banks.
Property taxes are
A. used primarily by states to finance state welfare programs. B. the primary source of Federal revenue sharing funds. C. the largest source of tax revenue for local governments. D. collected primarily at the Federal level.
The demand for labor is considered a derived demand since it depends on
A) the supply of labor. B) the market for capital. C) the consumer demand for the output produced. D) competitive markets.
The opportunity cost of taking a semester-long economics class is
A) the cost of tuition and fees only. B) the value of the time spent in the classroom. C) zero because there is no admission charged if you are enrolled in the course. D) equal to the highest value of an alternative use of the time and money spent on the class. E) the knowledge and enjoyment you receive from attending the class.