Reducing the minimum wage would make it more difficult for low-skilled workers to find jobs.
Answer the following statement true (T) or false (F)
False
The minimum wage creates a surplus in the labor market, reducing the number of jobs available to low-skilled workers. Reducing the minimum wage would expand the number of jobs available.
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Refer to the above figure. Which of the graphs is consistent with the Keynesian short-run aggregate supply curve?
A) Graph A B) Graph B C) Graph C D) Graph D
Refer to Figure 7.1. Suppose that instead of $350, Angus earns only $250 by playing the bagpipes, but all other earnings remain the same. If there is no ordinance against loud music, the Coase theorem predicts that
A) Dudley will pay Angus to not play the bagpipes. B) Angus will pay Dudley so Angus can play the bagpipes. C) Dudley will do nothing and Angus will mop floors. D) no bargain can be reached between Angus and Dudley.
The demand for insulin will be _________________ than the demand for a Caribbean cruise in general
a. More elastic b. More inelastic c. Less elastic d. Less inelastic
We can conclude that there has been inflation since the base year if the GDP price index in the current year is _____
a. 10 b. equal to zero c. 20 d. greater than 100 e. negative