The first minimum wage law was adopted
A. in England in 1876.
B. in the United States in 1938.
C. in Germany in 1922.
D. in New Zealand in 1894.
Answer: D
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Refer to Figure 9.2. A movement from point b to point d could be caused by a(n)
A) decrease in government spending. B) increase in the price of oil. C) decrease in taxes. D) increase in short-run aggregate supply.
If the above figure illustrated a perfectly competitive industry, the equilibrium market output would be equal to
A) 7. B) 11. C) 13. D) 22.
Robert Lucas Jr. adapted the fooling model to his own way of thinking by replacing that model's assumption of
A) continuous market-clearing. B) imperfect information. C) the natural rate hypothesis. D) the gradual correction of expectational errors.
A commitment problem exists when people cannot achieve their goals because:
A. the payoff matrix is unknown. B. they cannot make credible threats or promises. C. they cannot play their dominant strategy. D. they do not have the first-mover advantage in a sequential move game.