"Many Americans have been hurt by recent economic events. Raising the minimum wage is the best policy to improve the wages and employment opportunities of Americans." This argument is
a. correct because a higher minimum wage will increase total income which will stimulate aggregate demand and employment.
b. incorrect because while some people will receive higher wages, others will experience less employment and fewer training opportunities.
c. incorrect because the government has too big a deficit to pay for the increase in the minimum wage.
d. correct because most minimum wage workers are household heads trying to earn enough to support their family.
b. incorrect because while some people will receive higher wages, others will experience less employment and fewer training opportunities.
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The graph illustrates the supply of sweaters. A fall in the price of sweaters brings
A) a decrease in the quantity supplied of sweaters. B) a movement along the supply curve. C) a shift of the supply curve. D) Both answers A and B are correct. E) Both answers B and C are correct.
Suppose that the U.S. Open ticket costs $100 and the British Open ticket costs £50 and the exchange rate is $1.43. How much does the British Open ticket cost for an American attending the British Open?
What will be an ideal response?
The higher the price of a foreign currency, the more expensive that foreign country's goods and services are to individuals in the domestic economy
a. True b. False
Possibility loss is the loss incurred when a consumer makes a choice between two alternatives
a. True b. False Indicate whether the statement is true or false