When an effective minimum wage is introduced, the number of hours of labor employed is determined by the ____ and the _____.
Fill in the blank(s) with the appropriate word(s).
Demand for labor; minimum wage
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Free trade ________ living standards by ________ economic efficiency
A) lowers; eliminating B) raises; equalizing C) lowers; decreasing D) raises; increasing
Which of the following will most likely increase short-run aggregate supply?
a. unfavorable weather conditions in the nation's agricultural areas b. an increase in income tax rates c. an increase in the expected inflation rate d. a reduction in resource prices
When the error variance differs across the two groups, we can obtain a heteroskedasticity-robust Chow test by including a dummy variable distinguishing the two groups along with interactions between that dummy variable and all other explanatory variables.?
Answer the following statement true (T) or false (F)
A public good is a good that:
A. is excludable. B. is rival. C. is free. D. is available regardless of willingness to pay.