In the United States, the minimum wage is defined as
A. the lowest hourly wage rate a firm may legally pay its workers, as legislated by the U.S. government.
B. the wage that the youngest job entrant into the job market makes.
C. the wage ceiling above which a firm no longer must pay its employees additional benefits.
D. the lowest wage that a corporation should pay a worker if the corporation wants to ensure that its employees are well trained.
Answer: A
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Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________, 
A. Rising; B; C B. Falling; A; C C. Falling; A; B D. Rising; A; C
Two studies published in the New England Journal of Medicine link the risk of breast cancer to alcohol consumption. Young women who have nine drinks per week were reportedly 150 percent more likely to develop breast cancer. Considering the market for alcohol, an economist would predict a movement
a. up the demand curve as quantity demanded falls. b. up the supply curve as the demand curve shifts. c. down the supply curve as the demand curve shifts. d. down the demand curve as quantity falls.
Fundamental analysis shows that stock in Garske Software Corporation has a present value that is higher than its price
a. This stock is overvalued; you should consider adding it to your portfolio. b. This stock is overvalued; you shouldn't consider adding it to your portfolio. c. This stock is undervalued; you should consider adding it to your portfolio. d. This stock is undervalued; you shouldn't consider adding it to your portfolio.
Which of the following represents expansionary fiscal policy?
A. an increase in corporate income tax rates B. a reduction in government spending C. a decrease in average individual income tax rates D. an increase in marginal individual income tax rates