Minimum wage laws contribute to a ________ unemployment rate by raising wages above the market clearing level in some labor markets.
A. market equilibrium
B. natural
C. lower
D. higher
Answer: D
You might also like to view...
Can real standards of living go up without any positive economic growth?
The rising price of oil has made it feasible to extract oil out of oily sand in Canada. Concerning the oil market, this is an example of
A) a higher price elasticity of supply in the long run. B) a higher price elasticity of supply in the short run. C) a higher price elasticity of demand in the short run. D) an inelastic long-run supply of oil.
Historically, the largest budget deficits and growing government debt occur during war years
a. True b. False Indicate whether the statement is true or false
According to the principle of diminishing returns to labor, if the amount of capital and other inputs are held constant, employing additional workers:
A. increases output at a constant rate. B. increases output at an increasing rate. C. decreases output at an increasing rate D. increases output at a decreasing rate.