If the minimum wage is set above the equilibrium wage, then
A) more people will work than at the equilibrium wage.
B) the same number of people will work as at the equilibrium wage.
C) fewer people will want to work than at the equilibrium wage.
D) there will be fewer labor hours purchased by employers than at the equilibrium wage.
E) none of the above
D
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In order to help the economy recover from a recession using fiscal policy, the government can ________ so that aggregate demand increases
A) cut taxes B) raise taxes C) cut government expenditure on goods and services D) raise interest rates E) decrease the quantity of money
Using the table provided above, what can be concluded about the Gini ratio and what does this mean for income equality?
A) The Gini ratio is increasing which means there is greater income inequality. B) The Gini ratio is increasing which means there is greater income equality. C) The Gini ratio is decreasing which means there is greater income equality. D) The Gini ratio is decreasing which means there is greater income inequality.
Suppose Jack and Kate are at the town fair and are choosing which game to play. The first game has a bag with four marbles in it-1 red marble and 3 blue ones. The player draws one marble from the bag; if it is red, they win $20 and if it is blue, they win $1. The second game has a bag with 10 marbles in it-1 red, 4 blue, and 5 green. The player draws one marble from the bag; if it is red, they win $20; if it is blue, they win $5; and if it is green, they win $1. Both games cost $5 to play. What is the probability of drawing a blue marble in the first game?
A. 25 percent B. 20 percent C. 50 percent D. 75 percent
A measure of sensitivity or responsiveness to changes in price or income is called
a. elasticity b. technology c. supply and demand d. social pressure e. kickback