A minimum wage that is less than the prevailing market wage will:
A. have no effect on the market.
B. increase unemployment.
C. increases wages.
D. reduce wages.
Answer: A
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All of the following are true EXCEPT
a. President Reagan was the first U.S. president to call for the use of economic criteria when evaluating policy b. President Reagan’s Executive Order 12291 required the use of a Regulatory Impact Analysis (RIA) when major regulations were being considered c. During his presidency, Clinton did not issue any executive order to continue Reagan’s commitment to using economic criteria in policy evaluation d. President Obama issued an executive order to support and expand upon President Clinton’s executive order requiring benefits to justify the costs of a significant regulation
Melissa has an income of $240 a month to spend on tennis lessons and concert tickets. The price of a tennis lesson is $20, and the price of a concert ticket is $40. Melissa's real monthly income in terms of concerts is
A) 40. B) 20. C) 6. D) 12.
Janice earns an income of $2,000 a week and goes out to lunch 4 times a week. If her income increased to $2,100 she would go out to lunch 5 times a week. Compute Janice's income elasticity of demand
A) 0.22 B) 4.56 C) 2.28 D) -0.22
In the United States, the total amount of work time lost to strikes is less than the amount of work time lost for coffee breaks.
Answer the following statement true (T) or false (F)