If the minimum wage is set at a level below the equilibrium wage it:
A. will have a large effect.
B. would be a nonbinding minimum wage.
C. would interfere with the market reaching equilibrium.
D. will probably affect government jobs more than any other job market.
B. would be a nonbinding minimum wage.
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A firm whose production process exhibits constant returns to scale would find that if it doubled all of its inputs, its output would ________.
A. double B. less than double C. more than double D. remain constant
Which of the following is NOT an accurate description of open market operations prior to 2008?
A) It was used to affect the market for bank reserves. B) It was used to control the federal funds rate. C) It involved buying and selling of short-term Treasury securities. D) It involved buying and selling long-term securities.
In the early 1930s
A) countries that abandoned the gold standard suffered severe inflation. B) countries that tried to defend the gold standard suffered more depression than countries that abandoned the gold standard. C) the gold standard was abandoned by every major industrial country except England. D) the United States was the first major industrial country to abandon the gold standard.
Exhibit 7-5 Workers and output data Laborers TotalProduct 0 0 1 8 2 20 3 25 4 28 5 29 In Exhibit 7-5, the marginal product of the second worker is:
A. 8. B. 10. C. 12. D. 20.