Most economists believe that raising the minimum wage decreases the employment opportunities for low-skilled workers
Indicate whether the statement is true or false
TRUE
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When the market price is above equilibrium then ____ and when the market price is below equilibrium, then ____.
A. quantity demanded is greater than quantity supplied; quantity supplied is greater than quantity demanded. B. quantity supplied is greater than quantity demanded; quantity supplied is greater than quantity demanded. C. quantity supplied is greater than quantity demanded; quantity demanded is greater than quantity supplied D. the market is in equilibrium; the market is in equilibrium.
You are a lobbyist hired by a less developed country to try to prevent a developed country from increasing trade barriers against labor-intensive manufactured imports such as textiles
Make your case, arguing from both developed and developing country perspectives, in terms of who gains and who loses.
A ten percent increase in total factor productivity A will increase ________
A) the marginal product of capital (MPK) by ten percent B) the marginal product of labor (MPL) by ten percent C) output by ten percent D) all of the above E) none of the above
Average variable costs
A) are parallel with average total costs B) rise if marginal costs rise. C) are not parallel with average total costs. D) fall with increases in production.