Minimum wage laws have little or no effect in this segment
a. Low-skilled Labor
b. Teenagers
c. Highly skilled workers
d. Unemployed workers
c
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Positive relationships are also referred to as inverse relationships
Indicate whether the statement is true or false
Suppose the intersection of the IS and LM curves is to the right of the FE line. What would most likely eliminate a disequilibrium among the asset, labor, and goods markets?
A) A rise in the price level, shifting the LM curve up and to the left. B) A fall in the price level, shifting the LM curve down and to the right. C) A rise in the price level, shifting the IS curve up and to the right. D) A fall in the price level, shifting the IS curve down and to the left.
Applications to MBA programs rose during the economic downturn in 2008. This is best explained by:
A) The opportunity cost of attending an MBA dropped for most applicants due to poor job prospects. B) More teachers were available to teach MBA classes due to the lower opportunity cost of teaching. C) The explicit costs of attending an MBA program fell in 2008. D) The implicit costs of attending an MBA program rose in 2008.
A monopoly might produce less than the socially optimal amount of pollution because
A) it likes to be a good citizen. B) it sets price above marginal cost. C) it earns economic profit. D) it internalizes the external costs.