Minimum-wage laws are most likely to affect the wages paid to
a. teenagers.
b. people with advanced technical training.
c. people who are self-employed.
d. union members.
a
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An economy is better off with an increase in the stock of capital
Indicate whether the statement is true or false
The short-run supply curve of a perfectly competitive firm
a. intersects the minimum point of its short-run average total cost curve but not its short-run average variable cost curve. b. intersects the minimum point of its short-run average variable cost curve but not its short-run average total cost curve. c. intersects the minimum point of both its short-run average variable cost and its short-run average total cost curves. d. intersects the minimum point of its short-run average total cost curve and may or may not intersect the minimum point of its short-run average variable cost curve.
The total cost to the firm of producing zero units of output is
a. zero in both the short run and the long run. b. its fixed cost in the short run and zero in the long run. c. its fixed cost in both the short run and the long run. d. its variable cost in both the short run and the long run.
Which of the following represents the marginal productivity theory of income distribution?
a. Workers receive wages and benefits equal to their contribution to output. b. Capital owners are rich because they take the most income from output. c. Land owners receive an increased share of income because of property rights. d. Workers, land owners, and capital owners all receive equal shares of income.