A minimum wage set above the equilibrium wage rate for low-skilled workers ________
A) creates more employment opportunities for low-skilled workers
B) creates more prosperity among younger people
C) creates unemployment among low-skilled workers
D) increases the number of good paying jobs available to young people
C
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Figure 4-23
In Figure 4-23, which of the following movements would be caused by a change in income?
A. A to C B. C to A C. B to D D. B to A
The objective of the Fed and the government is to
a. prevent asset bubbles by recognizing them in real time. b. mitigate the consequences of asset bubbles by recognizing them in real time. c. prevent asset bubbles by recognizing bad lending practices. d. mitigate the consequences of asset bubbles by recognizing bad lending practices.
If $1 U.S. is worth $30 Canadian, then a good that sells for $30,000 in Canada should sell for _____ in the United States
a. $1,000 b. $30,000 c. $3,000 d. $10,000
Suppose a certain country imposes a tariff on a good. Which of the following results of the tariff is possible?
a. Consumer surplus decreases by $100; producer surplus increases by $100; and government revenue from the tariff amounts to $50. b. Consumer surplus decreases by $200; producer surplus increases by $100; and government revenue from the tariff amounts to $50. c. Consumer surplus increases by $100; producer surplus decreases by $200; and government revenue from the tariff amounts to $50. d. Consumer surplus decreases by $50; producer surplus increases by $200; and government revenue from the tariff amounts to $150.