Minimum-wage laws affect all workers
a. True
b. False
Indicate whether the statement is true or false
False
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Suppose the economy is producing above potential GDP and the Federal Reserve implements the appropriate change in monetary policy, but not until after the economy has started to slow down on its own. In this situation there is a real danger that
A) the Fed's expansionary policy will result in too small of an increase in GDP. B) the Fed's expansionary policy will result in too large of an increase in GDP. C) the Fed's contractionary policy will result in too large of a decrease in GDP. D) the Fed's contractionary policy will result in too small of a decrease in GDP.
If a consumer receives 20 units of utility from consuming two candy bars, and 25 units of utility from consuming three candy bars, the marginal utility of the second candy bar is
A) 25 utility units. B) 20 utility units. C) 5 utility units. D) unknown as more information is needed to determine the answer.
Judging from this graph, which of the following happens if supply remains unchanged and demand increases?
a. Quantity becomes indeterminate.
b. Quantity falls.
c. Price falls.
d. Price rises.
A normative economist might conclude that
a. a lottery can be conducted in several ways b. certain types of lotteries raise millions of dollars c. a lottery is a bad policy because it burdens the poor d. a lottery is good because it separates people from their money