Which of the following statements accurately characterizes the effects of minimum-wage laws?
a. Some workers who might have been employed at a lower wage become unemployed.
b. Those workers who remain employed benefit from a higher wage.
c. The effects of minimum-wage laws depend strongly on the elasticity of demand.
d. All of the above accurately characterize the effects of minimum-wage laws.
d
You might also like to view...
During the U.S. Great Moderation, ________
A) the volatility in the inflation rate declined by 50% B) the volatility in the rate of growth of real output declined by 33% C) the economy stabilized from the higher uncertainty of the 1970s D) all of the above E) none of the above
If a new method is found for obtaining oil from what was once considered exhausted oil fields, then its effect on the economy now will be that
a. the AS curve shifts to the left b. an upward movement along the AD curve will occur c. the AD curve shifts to the left d. the AD curve shifts to the right e. the AS curve shifts to the right
In the real world, the actual multiplier is ____ the simplified multiplier.
A. much larger than B. slightly larger than C. equal to D. much smaller than
How much is the concentration ratio in this industry?
