The real minimum wage rate
A) has generally decreased during the 1970s and 1980s and has fluctuated around a $6.50 per hour average since the mid-1980s.
B) has stayed in the range between $6 and $5 (measured in 2009 dollars per hour) since 1967.
C) fell after 1967 until it reached a minimum around 1985 and has generally risen since then.
D) was at its highest level in 1995.
E) has generally increased since 1967.
A
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In general, the labor supply curve
A) is perfectly elastic at the equilibrium wage rate. B) is vertical at the equilibrium wage rate. C) slopes upward because as the wage rises the opportunity cost of leisure increases. D) slopes downward because firms will hire fewer workers at higher wages.
Average costs curves initially fall
a. Due to declining average fixed costs b. Due to rising average fixed costs c. Due to declining marginal costs d. Due to rising marginal costs
If the economy is at full employment and war breaks out, we would move from
A. W to X.
B. X to W.
C. X to Y.
D. Y to X.
Wealthy people will tend to have vertical labor supply curves
A) only if their income effect just offsets their substitution effect. B) only if their income effect is greater than their substitution effect. C) only if their income effect is less than their substitution effect. D) only if they don't have an income effect.