The rule-of-thumb among many economists suggests that a 10% increase in the minimum wage results in a ________ in the number of jobs held by teens.
A. 1% to 3% drop
B. 1% to 3% increase
C. 10% to 15% increase
D. 10% to 15% drop
Answer: A
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Last year the price of a dozen eggs was $1, and this year the price is $1.30. Which of the following does NOT express this price change accurately?
A) The price increased 30 percent. B) The price increased by 30 cents. C) If last year was the base year, the index number for this year would be 130. D) If this year is the base year, the index number for last year would be 130.
When there is only one buyer in the market
A. the supply curve for the good will be perfectly elastic. B. then the market will be perfectly competitive. C. a closed shop exists. D. a monopsony exists.
The rightward shift of the RS curve will lead to a ________ in the real interest rate, ________ in investment, and ________ in aggregate demand
A) fall; an increase; a decrease B) rise; an increase; an increase C) rise; a decrease; a decrease D) fall; an increase; an increase E) rise; an increase; a decrease
The ICP index:
A. uses a broad market basket that tries to represent the full cost of living across countries. B. is an imperfect measure because of cultural differences. C. is an imperfect measure because of typical weather and geographical differences. D. All of these statements are true.