An effective minimum wage tends to create unemployment among unskilled workers because it
A) reduces the demand for their labor services.
B) increases the supply of their labor services.
C) reduces the marginal productivity of their labor services.
D) reduces the quantity demanded for their labor services while increasing the quantity supplied of their labor services.
E) generates all of the above.
D
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Which of the following individuals will the Bureau of Labor Statistics not count as unemployed?
A) Those who are not eligible for unemployment compensation because they have not worked in covered employment. B) Those who have turned down job offers comparable to the most recent one they held. C) Those who have used up their unemployment compensation benefits. D) Those who live in a household where at least one other person is employed full time. E) None of the above prevents an individual from being counted as unemployed.
The mean household income is
A) the income that separates households into two equal groups. B) the most common household income. C) the percentage of total income received by the richest 20 percent of households. D) the average household income.
________ means the supply curve has shifted to the right, while ________ refers to a movement along a given supply curve in response to an increase in price
A) An increase in supply; an increase in quantity supplied B) A decrease in supply; a decrease in quantity supplied C) A decrease in supply; an increase in supply D) An increase in supply; a decrease in supply
A fiduciary monetary standard exists when the value of a currency
A) is determined by law. B) is convertible to a fixed quantity of gold. C) depends upon the public's confidence that the currency can be exchanged for goods and services. D) increases with inflation.