When a minimum-wage law forces the wage to remain above the level that balances supply and demand, the quantity of labor supplied is higher and the quantity demanded of labor is lower than at the equilibrium wage
a. True
b. False
Indicate whether the statement is true or false
True
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Households increase the quantity of labor supplied when
A) the real wage rate increases. B) the real wage rate decreases. C) job opportunities increase. D) the nominal wage decreases and the price level rises. E) income taxes increase.
The economic boom of the 1990s:
a. ended with a recession that lasted from early 2000 to the 2nd quarter of 2002. b. ended with the financial crash of 2001, with unemployment reaching 7.5%. c. ended with the stock market and real investment tumbling, and unemployment near 9% d. Both a and b are correct. e. None of the above are correct.
In order to be successful as an innovator, a firm may require:
a. constant investment in mergers and acquisitions. b. frequent expansion of its scale of operation. c. to invest the majority of its annual profit in market research. d. research facilities and a culture that respects scientists and engineers.
Many economists conclude that in-kind income programs have served to reduce levels of inequality significantly from the levels suggested by aggregate income statistics
a. True b. False Indicate whether the statement is true or false