Minimum-wage laws
a. reduce unemployment.
b. cause labor shortages, which further raise wages above equilibrium.
c. affect highly-educated workers more than high school dropouts.
d. None of the above is correct.
d
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If your demand for a good is ________, then a 1 percent fall in its price will lead you to ________ your expenditures on the good
A) inelastic; increase B) inelastic; decrease C) elastic; increase D) elastic; decrease
Which of the following is a method by which a poor country might import technological change without having to incur the heavy expense of research and development (not to mention human and physical capital formation) out of its own saving?
A) Copy modern products made in rich countries. B) Purchase imported machinery that embodies the latest technology. C) Obtain investment by foreign firms. D) All of the above.
In the neoclassical growth model, n increase in the saving rate results in
a. faster permanent growth without a resultant effect on the equilibrium growth rate. b. faster temporary growth without an effect on the long-run equilibrium growth rate. c. faster temporary growth with a resultant effect on the equilibrium growth rate. d. None of the above
The Fed's monetary policy instrument is ________.
Fill in the blank(s) with the appropriate word(s).