Which of the following is not correct?
a. The economy contains many labor markets for different types of workers.
b. The impact of the minimum wage depends on the skill and experience of the worker.
c. The minimum wage is binding for workers with high skills and much experience.
d. The minimum wage is not binding when the equilibrium wage is above the minimum wage.
c
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Use the following supply and demand graph for product X to answer the question below. 
If there are positive externalities from the consumption of product X, then the socially optimal demand curve would be
A. an upward-sloping line. B. to the left of line D on the graph. C. at the position of line D on the graph. D. to the right of line D on the graph.
When the natural unemployment rate increases, the short-run Phillips curve ________ and the long-run Phillips curve ________
A) shifts rightward; shifts rightward B) does not shift; shifts leftward C) shifts rightward; does not shift D) shifts leftward; does not shift E) shifts leftward; shifts rightward
Economists avoid using surveys because people often ______.
a. get confused when filling out surveys b. mislead when filling out surveys c. forget to answer certain questions d. don’t have the time to answer all the questions
In moving from a private closed to a mixed closed economy in the aggregate expenditures model, taxes:
A. must be added to gross investment. B. must be added to saving. C. must be added to consumption and gross investment. D. have no impact upon the equilibrium GDP.