Refer to Scenario 1.1 below to answer the question(s) that follow.SCENARIO 1.1: An economist wants to understand the relationship between minimum wages and the level of teenage unemployment. The economist collects data on the values of the minimum wage and the levels of teenage unemployment over time. The economist concludes that a 1% increase in minimum wage causes a 0.2% increase in teenage unemployment. From this information he concludes that the minimum wage is harmful to teenagers and should be reduced or eliminated to increase employment among teenagers.Refer to Scenario 1.1. The collection and use of the data on minimum wage and teenage unemployment over time is an example of
A. empirical economics.
B. econometrics.
C. economic history.
D. law and economics.
Answer: A
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A) an internal B) an external C) a marginal D) a total E) a subsidized
Refer to Table 20-19. Looking at the table above, what is the rate of growth of the average price level from 2014 to 2015?
A) 1% B) 2% C) 3% D) 4% E) 5%
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A. reduce the federal funds rate by 0.5 percentage points. B. raise the federal funds rate by 1.0 percentage points. C. raise the federal funds rate by 1.5 percentage points. D. reduce the federal funds rate by 1.0 percentage points.
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