Critics of minimum wage laws argue that such laws will end up hurting people with ________ skill levels because these laws interfere with the smooth functioning of the labor market and create ________.
A. lower; a shortage of labor
B. higher; unemployment
C. lower; unemployment
D. higher; a shortage of labor
Answer: C
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In the long run, the representative firm in monopolistic competition tends to have
A. economic profits B. no product differentiation. C. a perfectly elastic demand curve. D. excess capacity.
If the price level rises by 3 percent and workers' money wages increase by 3 percent, then the
A) quantity of labor demand will decrease. B) quantity of labor demand will increase. C) quantity of labor demanded does not change because there is no change in the real wage rate. D) Any of the above could occur depending on the magnitude on the dollar increase in the price level versus the dollar increase in the wage rate.
Which of the following will cause a change in the exchange rate?
A) changes in real interest rates B) changes in consumer preferences C) changes in the perception of economic stability D) all of the above
If you knew that an investment was going to pay you $215,892.50 in 10 years, and you knew that the annual interest rate over that time would be 8 percent, you could calculate the present value to be:
A. $80,000. B. $100,000. C. $150,000. D. $125,000.