If the labor market worked efficiently, then an effective minimum wage law would:

A. help those who were employed at that price.
B. cause unemployment.
C. hold wages higher than the equilibrium price.
D. All of these statements are true.


Answer: D

Economics

You might also like to view...

If government policy makers become more secretive, then the short run aggregate supply curve should get

a. flatter. b. more horizontal. c. vertical. d. steeper.

Economics

Managed care

a. establishes a system of retrospective payment determined ex ante. b. combines the responsibilities of payer and provider of medical services. c. attempts to shift a portion of the financial risk onto providers. d. attempts to shift a portion of the financial risk onto patients. e. Both b and c are correct.

Economics

Which of the following would not be considered price discrimination?

a. setting separate rates for residential and commercial uses of electricity b. giving a senior citizen discount at restaurants c. renting recently released videos at a higher price than the old classic videos d. giving children a discount at the movies e. giving students a discount on ski lift tickets

Economics

Peg's Manicure Manor did 4,000 sets of nails in 2015 and 4,500 sets of nails in 2016. The price of a set of nails was $20 in 2015 and $22 in 2016. If 2015 is the base year, Peg's contribution to real GDP in 2015 was ________ and in 2016 was ________.

A. $80,000; $88,000 B. $80,000; $90,000 C. $88,000; $90,000 D. $80,000; $99,000

Economics