Adjusting for inflation, the real minimum wage has fallen over the last 40 years.
Answer the following statement true (T) or false (F)
True
The minimum wage has not kept up with inflation, which means that it is falling in real terms.
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The welfare analysis of advertising is controversial because evaluation of the effect of advertising on aggregate surplus depends on:
A. the marginal cost of the advertising. B. whether the inframarginal consumer is influenced by the advertising. C. whether the advertising is tied to a quality increase. D. the reason it succeeds in increasing demand.
The notion that everything the economy produces is purchased
A. sums up Say's law. B. can be restated as "demand creates its own supply". C. refers to the real balance effect. D. was a critical assumption Keynes made in explaining the worldwide depression of the 1930s.
Which of the following causes a movement upward along the aggregate demand curve?
A. a fall in wages B. an increase in the price level C. an increase in government spending D. an increase in the money supply
In a small country, there are 5,000 people in the labor force and 4,000 people are employed. The labor force participation rate equals
A. 40 percent. B. 90 percent. C. 80 percent. D. an undetermined amount given the lack of information.