Select the normative statement that completes the following sentence: If the minimum wage is raised:
A. cost per unit of output will rise.
B. workers will gain their rightful share of total income.
C. the rate of inflation will increase.
D. profits will fall.
Answer: B
You might also like to view...
Suppose there are only two goods: guns and roses. In Los Angeles, the absolute price of roses is 50 dollars per dozen. If the relative price of roses in terms of guns is 1 guns per dozen roses, then the absolute price of guns is
a. 5 dollars per gun. b. 2 cents per gun. c. 50 dollars per gun. d. 50 cents per gun.
If a grocery store offers a five percent discount to senior citizens, this is an example of ________ and is ________.
A) price discrimination; only illegal if the practice substantially lessens competition or tends to create a monopoly B) conditional sales; always illegal per se C) conditional sales; only illegal if the practice substantially lessens competition or tends to create a monopoly D) price discrimination; always illegal per se
The total U.S. labor force excludes those
a. under age 20. b. under age 18. c. under age 16. d. over age 70.
Which of the following best describes social benefits?
a. The external benefits to other members of society, ignoring the private benefits to market participants. b. The sum of external benefits and private benefits. c. External benefits minus benefits. d. Private benefits minus external benefits.