The "fair results" view of fairness says that a minimum wage law set above the equilibrium wage rate is unfair because the minimum wage
A) does not apply to all workers.
B) boosts the income of highly skilled workers.
C) benefits only those workers who are able to find and keep a job.
D) benefits nobody.
E) cannot be enforced.
C
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A(n) ________ tax is a tax on wages that employers are required to withhold from employees' pay
A) social-insurance tax B) excise tax C) income tax D) value-added tax
Speculators who expect a corn harvest next fall much larger than anyone now anticipates will
A) lower current corn prices and raise September prices above what they would be in the absence of the speculators. B) lower current corn prices and lower September prices below what they would be in the absence of the speculators. C) raise current corn prices and lower September prices below what they would be in the absence of the speculators. D) raise current corn prices and raise September prices above what they would be in the absence of the speculators. E) raise the expected September price of corn.
Some laborers are productive, others are less so. How do we measure labor productivity? Why are there differences in labor productivity? a. Labor productivity is capital stock divided by labor, and differences may be explained by differences in the capital-labor ratio
b. Labor productivity is output divided by capital stock, and differences may be explained by differences in the capital-output ratio. c. Labor productivity is capital divided by GDP, and differences may be explained by differences in the capital-output ratio. d. Labor productivity is the change in labor divided by GDP, and differences may be explained by differences in the capital-output ratio. e. Labor productivity is GDP divided by labor, and differences may be explained by differences in the capital-labor ratio.
The statement "as more of a good is consumed, the utility a person derives from each additional unit diminishes" is known as the:
A. water and diamond paradox. B. law of diminishing marginal utility. C. law of total utility. D. marginal-utility-to-price ratio equalization rule.