The above figure shows the market for finish carpenters in Bozeman. If there is a minimum wage set at $18, what is true?
A) The lowest wage for which someone is willing to work is $18 an hour.
B) The quantity of jobs increases to 400.
C) The lowest wage for which someone is willing to work is $20 an hour.
D) 200 workers are employed.
E) The quantity of jobs demanded is more than the quantity supplied.
D
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Which of the following is NOT included in the working-age population?
A) discouraged workers B) people waiting to be called back to a job after being laid off C) retirees under the age of 55 D) people in prison
If U.S. real GDP grew from $12 trillion one year to $12.7 trillion the next, the annual growth rate would be:
A. 5.8 % B. 94.4 % C. 105.8 % D. 5.5 %
Private saving equals:
a. Y - C - T + TR b. Y + C + T + TR c. Y + C + T - TR d. Y + C - T - TR
Normally, both buyers and sellers of a good become worse off when the good is taxed
a. True b. False Indicate whether the statement is true or false