When a minimum-wage law forces the wage to remain above the level that balances supply and demand, there are more workers willing to work than there are jobs, so some workers are unemployed
a. True
b. False
Indicate whether the statement is true or false
True
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Consumer sovereignty is the view that consumers have the right to choose ________ and the government should not interfere with these choices
A) which goods should be subsidized B) which goods they will consume C) the price that they will pay for a good D) which goods should be taxed
Which of the following is a key assumption leading to the Monetarist view that government deficits crowd out private investment?
A) Money demand is sensitive to the interest rate. B) The aggregate supply curve is horizontal. C) Technology is fixed. D) Investment is sensitive to the interest rate.
The price elasticity of demand is
A) always positive, so there is no reason to consider the absolute value of the price elasticity of demand. B) always negative, but by convention, economists typically express the price elasticity of demand as an absolute value. C) always equal to -1, which by convention economists typically express as an absolute value, or 1. D) always equal to zero, so there is no reason to consider the absolute value of the price elasticity of demand.
According to the infant-industry argument, protection should be withdrawn from an infant industry when the companies in the industry
A) are listed on the domestic stock exchange. B) become profitable. C) double their sales revenues. D) reach a sufficient size to compete with foreign firms.