Those that lose from an increase in the minimum wage are
A. workers that are laid off.
B. all workers.
C. those workers who keep their jobs.
D. consumers who pay lower prices for goods.
Answer: A
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For the purpose of GDP accounting, consumption expenditures include
A) only durable goods. B) only nondurable goods. C) both nondurable goods and services. D) durable goods, nondurable goods, and services.
Suppose that the productivity used to produce computers advances. How does this change affect the supply of computers and the supply curve of computers?
What will be an ideal response?
A government ban on a good that suffers from overconsumption may be ineffective if the:
A. likelihood of being caught breaking the ban is sufficiently high. B. likelihood of being caught breaking the ban is very low. C. punishment for breaking the ban is severe. D. public did not participate in setting the punishments.
In a closed economy, public saving is the amount of
a. income that households have left after paying for taxes and consumption. b. income that businesses have left after paying for the factors of production. c. tax revenue that the government has left after paying for its spending. d. spending that the government undertakes in excess of the taxes it collects.