Choose the statement about an effective minimum wage that is correct:
What will be an ideal response?
The result of the minimum wage is unfair because only those people who have jobs and keep them benefit from the minimum wage.
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Calculate the real money supply growth rate when the nominal money supply increases by 10% and the price level increases by each of the following percentages: a) 2%; b) 8%; c) 10%; d) 15%
What will be an ideal response?
Refer to the game in Scenario 13.7. If each player chose a maximin strategy, the outcome would be
A) $69,000, $69,000. B) $0, -$1000. C) -$1000, $0. D) $0, $0. E) a mixed strategy equilibrium.
Generally, as goods are more broadly defined,
a. demand becomes more price elastic b. demand becomes less price elastic c. total expenditure falls as the price decreases d. the demand curve becomes straighter e. more substitute goods can be identified
An investor was promised an interest of 9 percent on a loan given out in 2007 that matured in 2011 . However, in real terms, he received an interest of only 7 percent in 2011 . This implies: a. the rate of inflation in 2011 was 7 percent. b. there was negative inflation in 2007
c. the rate of inflation in 2011 was 2 percent. d. there was hyperinflation in 2007.