Democrats argue that labor demand is ________, so ________ jobs will be lost when the minimum wage is raised.
A. elastic; many
B. elastic; few
C. inelastic; many
D. inelastic; few
Answer: D
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What will be an ideal response?
A government spending and taxation policy to create full employment without inflation is known as
a. closing an inflationary gap b. fiscal policy c. closing a recessionary gap d. a balanced budget e. a balanced budget multiplier
If the Federal Reserve raises the federal funds rate, which one of the following will tend to happen as a result?
A. The supply curve for new cars will shift to the left. B. The demand curve for goods and services bought with a credit card will shift to the left. C. Home mortgage rates will decrease. D. The rate of inflation will increase.
Macroeconomists are more likely than microeconomists to deal with:
A. individual firms B. the scarcity principle C. aggregation D. positive analysis