Which one of the following will most likely be harmed by legislation exempting teenagers from the minimum wage?
a. a high school student seeking a part-time job
b. a high-skilled, 30-year-old worker who is unlikely to compete with low-skilled teenagers in the employment market
c. a large family that often employs the services of low-skilled, part-time workers
d. an illiterate 40-year-old worker with few labor skills
D
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Movements down the rows (A to E) in the demand table are represented by movements up along a demand curve. PriceQuantityA050B140C230D320E410Â
Answer the following statement true (T) or false (F)
If there are no externalities, producing where price is greater than marginal cost is inefficient because for every unit produced, consumers derive benefits that are less than the cost of the resources needed to produce it.
Answer the following statement true (T) or false (F)
Government works to create a competitive marketplace to help foster competition, yet it also awards patents which prevent competition. Why are both competition and the patent system essential to creating a large economic pie?
What will be an ideal response?
The Laffer curve belongs to which of the following schools of economic thought?
a. Keynesian b. Supply-side c. Classical d. Demand management