Which of the following government policies is least likely to increase the standard of living in the United States?
a. Investment in education and skills training for workers
b. Raising the minimum wage paid to workers
c. Investment in technology
d. Investment in tools and capital for workers
Ans: b. Raising the minimum wage paid to workers
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How many and what fraction of the world's people live in advanced economies? In emerging market and developing economies?
What will be an ideal response?
Suppose the consumer price index (CPI) for Year X is 130. This means the average price of goods and services is:
A. currently $130. B. 130 percent more in Year X than in the base year. C. 130 percent more in the base year than in Year X. D. priced at 30 percent more in Year X than in the base year.
The quantity demanded of a product increases as:
A. consumer income rises. B. the prices of other products fall. C. the price of the product rises. D. the price of the product falls.
If each firm depicted in Table 9.5 is currently generating 1,000 gallons of wastewater per day, Firm A would need to be paid at least ________ from Firm B to reduce wastewater production to 0 gallons per day.
A. $20 B. $15 C. $12 D. $3