When a ____ is applied to a labor market, it is called a minimum wage.
Fill in the blank(s) with the appropriate word(s).
Price floor
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Deficits are a burden on future generations if they
A) cause higher rates of inflation to occur. B) are not used for government capital formation. C) cause national saving to fall. D) are always a primary government deficit.
It's as simple as this: Bankers hope to make profit by
a. holding people's money at low interest rates and lending it out at higher interest rates b. holding people's money at high interest rates and lending it out at lower interest rates c. charging for bank services such as check clearing and ATM services d. keeping excess reserves in case of a bank run e. charging people to use demand deposit accounts
Someone who is deemed irrational from an economic standpoint is someone who
a. voluntarily partakes in actions contrary to his personal preferences. b. voluntarily partakes in actions contrary to what society deems acceptable. c. voluntarily partakes in actions that the majority of consumers would not. d. sets prices at ninety-nine cents.
The reason why a cure to a disease such as AIDS would have less elastic demand than a vaccine at every price is that
A. the vaccine would be more expensive. B. for a person with AIDS, the only alternative to the cure is death. C. for a person with AIDS, a vaccine would be more effective. D. the cure would be more expensive.