Many conservative economists want to __________ the minimum wage.
A. raise
B. lower
C. abolish
C. abolish
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If workers received a 5 percent wage increase and the rate of inflation was 10 percent, then their real wage:
A. decreased. B. remained constant. C. increased. D. equaled the nominal wage.
If supply is highly elastic and demand shifts to the left:
A. price and quantity will hardly change at all. B. price will fall significantly; quantity hardly changes at all. C. price will hardly change at all; quantity will fall significantly. D. price will fall significantly as will quantity.
Which of the following is correct?
A. 1 - MPS = MPC - 1 B. 1 + MPS = MPC C. 1 - MPS = MPC D. 1 - MPS = MPC + 1
The Federal Open Market Committee of the Federal Reserve System is responsible for
A) maintaining competition among the nation's commercial banks. B) determining monetary policy actions. C) establishing the official price of gold. D) defining the foreign exchange value of the dollar.