Why does minimum wage affect teenagers more negatively than other age groups?
a. They are too young to be hired for minimum-wage jobs.
b. They are not experienced enough to get minimum-wage jobs.
c. They are choosy about the jobs they take, so they turn down minimum-wage work.
d. They prefer focusing on school than work that pays a minimum wage.
b. They are not experienced enough to get minimum-wage jobs.
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Use the figure below to answer the following question. The equilibrium point in the market is the point at which the S and D curves intersect.
At equilibrium, the producer surplus would be represented by the area
A. b. B. b + c + d. C. a. D. a + b.
The Fed is a central bank and as such
A) does business only with the federal government. B) provides banking services to banks but not individuals. C) provides banking services to individuals and firms. D) does business with international organizations such as the United Nations. E) is where the Federal Government turns when it needs to borrow.
A crucial difference between the impact of an import quota compared to a tariff is that:
a. import quotas generate revenue to the domestic government, but tariffs do not. b. import quotas generate no revenue to the domestic government, but tariffs do. c. tariffs increase the prices paid by domestic consumers, but quotas do not d. both (a) and (c)
Suppose that aggregate consumption is $1,000,000, aggregate investment is $200,000, government spending is $300,000, the value of exports is $100,000, and the value of imports is $200,000. What is the value of Gross Domestic Product (GDP)?
What will be an ideal response?