A disadvantage associated with a minimum wage law to reduce poverty is that it
a. encourages illegitimate births because single women with children receive higher payments.
b. rewards laziness because it provides payments to those with low incomes regardless of their work effort.
c. focuses on children and the disabled while neglecting the working poor.
d. may benefit the teenage children of families who are not poor.
d
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Answer the following statements true (T) or false (F)
1. Government intervention in the U.S. economy includes legislation such as antitrust laws, labor laws, and safety regulations. 2. Full employment is considered to have been achieved only when everybody in the economy has a job. 3. An economic growth rate of 3 percent would be considered unhealthy for the U.S. economy. 4. A stable unemployment rate requires that the U.S. economy grow each year in order to absorb new workers who enter the labor force.
Ceteris paribus, if a 4% increase in price leads to a 6% increase in the quantity supplied, then: a. supply is elastic
b. supply is unit elastic. c. supply is inelastic. d. the supply curve is perfectly vertical.
In 2008, the government bought $2,883 billion worth of goods and services that were part of GDP, representing about _________ of the total
a. half b. a third c. a fifth d. a quarter e. two fifths.
A nondiscriminating pure monopolist finds that it can sell its 50 th unit of output for $50. We can surmise that the marginal:
A. cost of the 50 th unit is also $50. B. revenue of the 50 th unit is also $50. C. revenue of the 50 th unit is less than $50. D. revenue of the 50 th unit is greater than $50.