In the United States, the federal minimum wage in early 2016 was:
A. $7.73 per hour.
B. $8.00 per hour.
C. $6.50 per hour.
D. $7.25 per hour.
Answer: D
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In the figure above, when 20 units are produced the marginal cost is
A) less than $8. B) $8. C) more than $8 and less than $16. D) None of the above answers is correct.
An unplanned decrease in inventories results in
A) actual investment that is greater than planned investment. B) an increase in planned investment. C) actual investment that is less than planned investment. D) a decrease in planned investment.
With an income elasticity of demand of 0.5, cigarettes are an example of
a. a normal good b. an inferior good c. irrational demand d. complements to health care e. unitary elasticity
What did Friedman and Phelps predict would happen if policymakers tried to move the economy upward along the Phillips curve? Did the behavior of the economy in the late 1960s and the 1970s prove them wrong?