Which of the following is an effect of a minimum wage law that establishes a wage floor above the current market clearing wage?
A) surplus labor, or unemployment
B) a decrease in the market clearing wage
C) a decrease in the quantity of labor supplied
D) an increase in the quantity of labor supplied
Answer: A
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Which of the following is not a common rationale for government involvement in education?
a. Public education produces a positive inframarginal externality. b. Public provisions of education makes students into better citizens. c. Public financing of education is necessary on equity grounds. d. all of the above
Both the social sciences and the natural sciences employ ________ to help them understand the world around them
A) models B) designs C) traditional thinking D) implications
The broad definition of money supply (M3) in the Irish economy is:
(a) Coins, notes and current accounts; (b) Coins, notes, deposit accounts and current accounts; (c) Coins, notes and all deposit accounts; (d) Notes and coins issued by the Irish Central Bank
Suppose that a new drug has been approved to treat a life-threatening disease. The demand for that drug is shown on the graph below. Prior to approval of this drug, the only treatment for this condition was any one of several non-prescription, or over-the-counter, pain relievers. The demand for one brand of the several non-prescription pain relievers is also shown on the graph. 
A likely reason for the difference in the slopes of the demand curves is that:
A. one market is in equilibrium and the other is not. B. the over-the-counter pain reliever has many substitutes, but the new drug does not. C. one drug is heavily regulated by the Food and Drug Administration and the other is not. D. one drug is new on the market, but the other has been available for a long time.