Recent research regarding increases in the Federal minimum wage shows that
A. unemployment is only slightly affected.
B. the minimum wage has many benefits.
C. it improves labor productivity.
D. the unemployment rate rises.
Answer: A
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In the summer 2012 the lobster catch in Maine was especially large, but instead of celebrating the fisherman were suffering from a lower total revenue. (Source: New York Times, July 28, 2012 ) As the lobster catch increases, there is
A) a movement along the demand curve, resulting in a higher price and a decreased quantity. B) a movement along the demand curve, resulting in a lower price and an increased quantity. C) no change in either the price or the quantity. D) a movement along the demand curve, resulting in a higher price and an increased quantity.
The chartering process is similar to ________ potential borrowers and the restriction of risk assets by regulators is similar to ________ in private financial markets
A) screening; restrictive covenants B) screening; branching restrictions C) identifying; branching restrictions D) identifying; credit rationing
What do economists mean by “rent seeking” among producers?
a. leasing space to foreign producers who want to house imported goods b. efforts to gain profits from government tariffs and import quotas c. investments in foreign companies holding licenses to import goods d. lobbying to keep foreign competition out of the domestic market
The Fed changes the discount rate as part of its policy to reach all of the following objectives except
A. Price stability B. High employment C. Economic growth