An increase in the minimum wage for unskilled labor tends to
A) generate unemployment among unskilled laborers.
B) increase the quantity supplied of unskilled laborers.
C) decrease the quantity demanded for unskilled laborers.
D) encourage employers to seek substitutes for unskilled labor.
E) accomplish all of the above.
E
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What three factors that were critical to economic prosperity did Adam Smith observe, and later publish in The Wealth of Nations?
What will be an ideal response?
When the money market is drawn with the value of money on the vertical axis, if the price level is below the equilibrium level, there is an
a. excess demand for money, so the price level will rise. b. excess demand for money, so the price level will fall. c. excess supply of money, so the price level will rise. d. excess supply of money, so the price level will fall.
Cooperation in prisoner's dilemma-type games:
A. always benefits the players and the public. B. doesn't always benefit the players, but always benefits the public. C. doesn't always benefit the players or the public. D. always benefits the players, but does not always benefit the public.
As the time a person has to adjust to a price change increases, the elasticity of demand will ______.
a. decrease b. increase c. remain constant d. fluctuate