The minimum wage does not apply to
a. jobs for teenagers.
b. jobs for members of minority groups.
c. unpaid internships.
d. jobs that include on-the-job training.
c
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In the classical model
A) a decrease in aggregate demand will lead to a decrease in the price level and a decrease in real GDP. B) changes in aggregate supply leave real GDP unchanged. C) a decrease in aggregate demand will lead to an increase in the price level and a decrease in real GDP. D) changes in aggregate demand affect only the price level, not real GDP.
Changes in relative prices during inflationary periods usually lead to
a. decreases in real income. b. some people gaining real income. c. increases in the purchasing power of money. d. increases in real income.
The demand for microwaves in a certain country is given by: D = 8,000 - 30P, where P is the price of a microwave. Supply by domestic microwave producers is: S = 4,000 + 10P. If this economy opens to trade while the world price of a microwave is $50, and the government imposes a tariff of $30 per microwave, then the domestic quantity supplied will be ________ microwaves.
A. 5,000 B. 4,800 C. 4,500 D. 4,000
Governments contribute to increased average labor productivity in each of the following ways except by:
A. allowing the free and open exchange of ideas. B. establishing well-defined property rights. C. maintaining political stability. D. imposing taxes on wages.