A binding minimum wage is a(n) ______ for labor.
Fill in the blank(s) with the appropriate word(s).
Ans: price floor
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Refer to the below graphs. (Assume that the pre-migration labor force in Country A is 100 and that it is 150 in country B.) What part of domestic output in country B is the total wage bill before and after the immigration?
A. $1,700M before and $2,250M after
B. $2,250M before and $1,700M after
C. $1,500M before and $2,250M after
D. $1,700M before and $1,500M after
Which of the following is used to measure directly the average standard of living across countries?
A. Real GDP. B. Nominal GDP. C. Purchasing power parity. D. GDP per person.
In practice, the size of the ________ is about 1.4.
A. APC B. natural rate of unemployment C. multiplier D. inflation rate
The labor force participation rate for women 16-and-over has
A. increased from 8% in the 1960s to 18% today. B. decreased since the 1960s. C. remained steady for nearly 40 years at 50%. D. increased from 38% in the 1960s to 57% today.