An effective minimum wage law will increase the quantity of labor demanded
a. True
b. False
Indicate whether the statement is true or false
False
You might also like to view...
The unreported or illegal production of goods and services in the economy that is not counted in GDP is termed:
a. money laundering. b. the underground economy. c. disposable personal income. d. indirect national income. e. unreported capital consumption.
Suppose that a mayor of a large city believes strongly that education provides great benefits to the community and urges the state government to provide the district with more money. An economist would say that this reflects the Mayor's belief that: a. since teachers are overpaid, the district needs more money to hire enough teachers for its classrooms. b. there are positive external benefits
associated with education. c. there are nontrivial external costs associated with education. d. public schools provide a higher quality education than private schools.
Which of the following argued that a long-run trade-off between inflation and unemployment could not exist?
A) Friedman and Phelps B) Hicks and Hansen C) Modigliani and Friedman D) Lucas and Sargent E) Tobin and Jorgenson
The leader of the monetarist school and major proponent of a monetary growth rule was
A) Ben Bernanke. B) Milton Friedman. C) Alan Greenspan. D) Paul Volcker.