If minimum wage is set above equilibrium wage rate, powerful effects.
What will be an ideal response?
Quantity of labor supplied by workers exceeds Qd by employers (surplus of labor)
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The ________ shows the relationship between the price level and quantity of real GDP demanded
A) 45-degree line B) aggregate demand curve C) consumer price index D) aggregate expenditure line
Long-run economic growth (meaning the economy's average annual rate of growth over an extended period is greater than zero) is depicted by a(n)
a. horizontal trend line b. downward-sloping trend line c. fluctuating trend line (which fluctuates around the average) d. upward-sloping trend line e. vertical trend line
What would be the effect of a decrease in the real interest rate and an increase in the expected inflation rate?
a. Both changes would decrease aggregate demand. b. Both changes would increase aggregate demand. c. Both changes would increase short-run aggregate supply. d. Both changes would increase long-run aggregate supply.
By monitoring financial diaries of several of the world's poorest families, economists found that a challenge facing the poor was:
A. their income fluctuated a lot, in addition to being low. B. they did save any money to pay down debts. C. they often did not diversify their savings and had "their eggs all in one basket". D. All of these are true.