If the minimum wage increased, then at any given rate of inflation
a. both output and employment would be higher.
b. neither output nor employment would be higher.
c. output would be higher and unemployment would be lower.
d. output would be lower and unemployment would be higher.
d
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For a monopolist that produces in the short run and does not price discriminate, price always has to be
a. equal to marginal cost at the profit-maximizing quantity b. equal to marginal revenue at the profit-maximizing quantity c. greater than marginal cost at the profit-maximizing quantity d. less than marginal cost at the profit-maximizing quantity e. less than marginal revenue at the profit-maximizing quantity
The NAIRU:
A. can change over time. B. is difficult to measure. C. occurs at the economy's level of potential output. D. All of these statements are true.
If the quantity of hamburgers is measured along the horizontal axis and the quantity of movies is measured along the vertical axis, an increase in the price of a movie would be shown by
A) shifting the budget constraint in towards the origin. B) shifting the budget constraint out. C) rotating the budget constraint around the horizontal intercept such that the new vertical intercept is closer to the origin. D) making the budget constraint steeper.
If Dell, a computer company, is determining whether to build a new plant in Texas or in New Mexico, it is making a(n) ________ decision
A) immediate-run B) long-run C) short-run D) variable-input