One effect of a minimum wage in the market for low-skilled labor is
A) a shortage of low-skilled labor.
B) a surplus of low-skilled labor.
C) no effect in the market for low-skilled labor.
D) an increase in demand for low-skilled labor.
B
You might also like to view...
Legal restrictions on competition, such as the grant of patent privileges to inventors,
A) destroy property rights. B) expand property rights. C) both destroy and expand property rights. D) neither destroy nor expand property rights because patents are granted by the U.S. Constitution.
Microsoft has integrated many components into its Windows operating systems, such as a web browser, media player, etc. How might this be an example of nonprice competition?
What will be an ideal response?
If the marginal propensity to consume is 0.75 and autonomous consumption spending will decrease by $30 billion, by how much would net taxes need to decrease in order to have no change in output? (Ignore any timing issues.)
a. $60 billion b. $30 billion c. $90 billion d. $120 billion e. $40 billion
Which of the following statements is true?
A) To a large degree, Keynesians focus on the spending components of total expenditures when they seek to understand what determines GDP; monetarists focus on the money supply and velocity when their objective is the same. B) To a large degree, monetarists focus on the spending components of total expenditures when they seek to understand what determines GDP; Keynesians focus on the money supply and velocity when their objective is the same. C) Both Keynesians and monetarists focus on the spending components of total expenditures when they seek to understand what determines GDP; neither group focuses on the money supply and velocity. D) Neither Keynesians nor monetarists focus on the spending components of total expenditures when they seek to understand what determines GDP; both focus on the money supply and velocity.