Advocates of higher minimum wages for unskilled labor defend their position by arguing that
A. low-income workers deserve to earn incomes above the poverty level
B. higher wages boost worker productivity and efficiency
C. higher wages will cause employers to reduce the payroll but the total wages of remaining workers will be higher
D higher wages induce more workers into the labor market and thus reduce unemployment
E. it is more efficient for the private sector to provide a higher wage than for the government to provide transfer payments to low-income workers
A. low-income workers deserve to earn incomes above the poverty level
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In the long run, a firm in monopolistic competition has its price equal to ________ and also has its price ________
A) marginal cost; exceeding its average total cost. B) marginal cost; equal to its average total cost C) average total cost; exceeds its marginal cost D) average total cost; less than its marginal cost
In the monetary small open-economy model, a flexible exchange rate insulates the domestic price level from
A) both real and nominal shocks from abroad. B) real shocks from abroad, but not from nominal shocks from abroad. C) nominal shocks from abroad, but not from real shocks from abroad. D) neither real nor nominal shocks from abroad.
A government policy aimed at protecting people against the risk of adverse events is called
When the relationship between two variables changes,
A. The curve becomes linear. B. The entire curve shifts. C. There is movement from one point on the curve to another point on the curve. D. All of the choices are correct.