Many people argue against increasing the minimum wage because it would result in increased unemployment. Which of the following best explains this argument? A higher minimum wage rate would
a. increase the supply of labor while decreasing the demand for labor
b. decrease the supply of labor while increasing the demand for labor
c. increase the quantity supplied of labor while decreasing the quantity demanded of labor
d. decrease the quantity supplied of labor while increasing the quantity demanded of labor
e. increase the supply of labor while decreasing the cost of labor
C
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The Federal Reserve's narrowest definition of the money supply is
a. M0. b. M1. c. M2. d. M3.
An increase in the interest rate causes the MRP of a resource to fall
a. True b. False Indicate whether the statement is true or false
France has a higher natural rate of unemployment than the United States. This suggests that
a. France is at a higher point on its long-run Phillips curve and so has higher inflation than the United States. b. France is at a lower point on its long-run Phillips curve and so has lower inflation than the United States. c. France's Phillips curve is to the left of that of the United States, possibly because they have higher inflation. d. France's Phillips curve is to the right of that of the United States, possibly because they have more generous unemployment compensation.
Suppose Erie Textiles can dispose of its waste "for free" by dumping it into a nearby river. While the firm benefits from dumping waste into the river, the waste reduces fish and bird reproduction. This causes damage to local fishermen and bird watchers. At a cost, Erie Textiles can filter out the toxins, in which case local fishermen and bird watchers will not suffer any damage. The relevant gains and losses (in thousands of dollars) for the three parties are listed below. WithFilterWithoutFilterGains to Erie$200$400Fisherman$180$50Bird Watchers$130$25The cost (in thousands of dollars) of the filter to Erie Textiles is ________, and the net benefit (in thousands of dollars) of the filter to the fishermen and bird watchers is ________.
A. $200; $75 B. $200; $235 C. $310; $200 D. $400; $310