The minimum wage
A. leads to an increase in the number of people employed in unskilled jobs.
B. is an example of a price floor.
C. causes an increase in social welfare.
D. leads to a decrease in the number of people employed in skilled jobs.
Answer: B
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If the disposable income decreases, then
A) the demand for loanable funds increases. B) the quantity of loanable funds demanded increases. C) the supply of loanable funds increases. D) the quantity of loanable funds supplied decreases. E) the supply of loanable funds decreases.
The labor supply curve(s) will shift left if there is a decrease in wages.
Select whether the statement is true or false. A. True B. False
If the cost of driving during specific times of the day increases, people will drive less during those times. This supports the basic economic notion that:
A. supply equals demand. B. people respond to incentives. C. marginal returns will diminish. D. people are irrational.
To change the definition of demand to the definition of supply, all we would need to do is change the word _____ to _____.
Fill in the blank(s) with the appropriate word(s).