If the equilibrium wage for fast-food restaurants is $8 and the government enforces a minimum wage of $15
A. workers will get paid less.
B. workers will be able to find more jobs.
C. overall, society will be better off.
D. fast-food restaurants will hire fewer workers.
Answer: D
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A bank cannot create money unless its ________
A) required reserves are greater than actual reserves B) excess reserves are zero C) desired reserves are greater than actual reserves D) excess reserves equal deposits multiplied by the reserve ratio
Suppose the state legislature in your state imposes a state licensing fee of $100 per year to be paid by all firms that file state tax revenue reports. This new business tax:
A) increases marginal cost. B) decreases marginal cost. C) increases marginal revenue. D) decreases marginal revenue. E) none of the above
An abnormally large grain crop due to highly favorable weather conditions in the Midwest is an example of
What will be an ideal response?
Economic takeoff:
A. occurs when development becomes self-sustaining. B. will eventually occur in all developing countries. C. typically occurs in the absence of foreign investment. D. has yet to occur in any developing country.