Which of the following is an example of a price floor?
a. rent controls
b. maximum prices for gasoline
c. usury laws that set maximum interest rates
d. the minimum wage
d
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In the figure above, as the price level increases, the aggregate demand curve will
A) shift from AD1 to AD3 and then back to AD1. B) shift from AD1 to AD3. C) shift from AD1 to AD2. D) not shift, but the aggregate demand curve will change so that it is positively sloped. E) not shift.
Which of the following is true of the law of supply?
a. The law of supply is the sole determinant of market prices. b. The law of supply states that as the price of a good rises, the quantity supplied rises. c. The law of supply holds good only in the long-run. d. The law of supply is valid only in a market system of allocation. e. The law of supply asserts that as the cost of producing a good rises, the quantity supplied rises.
Which one of the following will most likely be harmed by legislation exempting teenagers from the minimum wage?
a. a high school student seeking a part-time job b. a high-skilled, 30-year-old worker who is unlikely to compete with low-skilled teenagers in the employment market c. a large family that often employs the services of low-skilled, part-time workers d. an illiterate 40-year-old worker with few labor skills
Which statement is false?
A. Most poor women who get pregnant do so to get on welfare. B. Most long-term poor people are black. C. The causes of black poverty are not always the same as those of white poverty. D. None of these statements are false.