In the United States, the minimum wage is defined as
A) the wage that the youngest job entrant into the job market makes.
B) the lowest wage that a corporation should pay a worker if the corporation wants to ensure that its employees are well trained.
C) the lowest hourly wage rate a firm may legally pay its workers, as legislated by the U.S. government.
D) the wage ceiling above which a firm no longer must pay its employees additional benefits.
C
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Assume the capital-labor ratio remains constant. If investment increases at a constant rate, real GDP per worker will increase ________, and if total factor productivity increases at a constant rate, real GDP per worker will increase ________
A) at an increasing rate; at an increasing rate B) at a constant rate; at an increasing rate C) at a constant rate; at a decreasing rate D) at a decreasing rate; at a constant rate
An increase in real output (goods and services) is the only explanation for an increase in nominal GDP
Indicate whether the statement is true or false
The presence of a privately-owned monopoly helps:
A. the monopolist. B. government. C. consumers. D. society overall.
Assuming prices and wages are fully flexible, the aggregate supply curve will be:
A. upward sloping, but not vertical. B. vertical. C. horizontal. D. downward sloping.