With a minimum wage law, the workers who remain employed benefit from a
higher wage
You might also like to view...
The labels for the axes of an aggregate supply curve should be ________.
A. real domestic output for the horizontal axis and price level for the vertical axis B. real domestic output for the vertical axis and price level for the horizontal axis C. real employment for the vertical axis and price level for the horizontal axis D. aggregate demand for the vertical axis and real national output for the horizontal axis
Paul Romer's theory of economic growth differs from traditional theories in that
A) Romer argues an investment-knowledge cycle can exist, but requires constant increases in investment rates, while traditional theories argue that investment rates can be constant. B) Romer argues that investment in human capital always occurs before investment in physical capital, while traditional theories emphasize the priority of physical capital. C) Romer argues an investment-knowledge cycle allows a one-time increase in investment to permanently increase a country's growth rate, while traditional theory argued such an investment would have only a short-term effect. D) Romer argues that investment in capital goods is not important in encouraging growth while investment in human capital is, whereas traditional theorists emphasize both human and physical capital.
If a 20 unit tax is placed on a seller, then
A. both parties will share the tax burden equally. B. the buyer will bear all of the tax burden. C. the seller will bear all of the tax burden. D. the distribution of the tax burden cannot be determined from the information given.
Suppose when the price of movie tickets is $7.50, the quantity demanded is 550, and when the price is $8.50, the quantity demanded is 450. Using the mid-point method, the price elasticity of demand is:
A. -1.6 B. 0.625 C. -0.625 D. 1.6