At the minimum wage (set above the equilibrium wage),
A) all individuals who end up working are paid less than if they were paid the equilibrium wage.
B) none of the workers will lose there jobs or find themselves working fewer hours.
C) none of the individuals who end up working are paid more than if they were paid the equilibrium wage.
D) there will be fewer people working (or fewer labor hours demanded) than at the equilibrium wage.
E) none of the above
D
You might also like to view...
A country's actual output ________ its potential output.
A. can only temporarily exceed B. is always be approximately equal to C. can never fall below D. can never exceed
The fixed exchange rate regime established at a meeting in New Hampshire in 1944 has been known as the
A) General Agreement on Tariffs and Trade. B) Bretton Woods system. C) International Settlement Fund. D) Balance of Payments Compliance Accord.
The main international repercussion of either a fiscal expansion or monetary contraction is to
A. raise interest rates and the exchange rate, thereby crowding out net exports. B. raise interest rates and lower the exchange rate, thereby crowding in net exports. C. lower interest rates and the exchange rate, thereby crowding in net exports. D. lower interest rates and raise the exchange rate, thereby crowding out net exports.
Suppose 60% of U.S. trade is with England and the rest is with Japan. If the dollar rises by 20% against the pound but falls by 20% against the yen, what is the percentage change in the effective exchange rate of the United States?
a. -12% b. -4% c. ±0% d. -8%