Minimum wage laws:
A) can cause the quantity demanded to exceed the quantity supplied of labor.
B) are used to solve the problem of wage rigidity.
C) can give rise to wage rigidity.
D) help in equating the quantity of labor demanded and supplied.
C
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The above figure shows a labor market with a minimum wage of $8 an hour. The value of the resources workers are willing to use in their job search equals the distance between point ________ and point ________
A) a; d B) a; b C) b; c D) a; c E) c; d
In the long run, a monopolistically competitive firm produces at minimum average cost.
Answer the following statement true (T) or false (F)
The value of intermediate goods is:
A. excluded from both GDP and GNP. B. included in GNP but not GDP. C. included in GDP but not GNP. D. included in both GDP and GNP.
The definition of the adult population is those who are 16 years and older and who are
A. employed or unemployed. B. in the labor force or not in the labor force. C. in the labor force. D. not in the labor force.