Which of the following is not correct?
a. Some states in the U.S. mandate minimum wages above the federal level.
b. Most European nations have minimum-wage laws.
c. The U.S. minimum wage is significantly higher than the minimum wages in France and the United Kingdom.
d. The U.S. Congress first instituted a minimum wage with the Fair Labor Standards Act.
c
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Which of the following is a consumption good or service?
A) a United Parcel Service truck delivering Christmas gifts B) a personal computer purchased in order to play games at home C) a satellite dish installed by Cox Cable to download programs that are then distributed through its cable system D) a United Airline ticket counter E) the Endeavor space shuttle
Expansionary fiscal policy to prevent real GDP from falling below potential real GDP would cause the inflation rate to be ________ and real GDP to be ________
A) higher; lower B) higher; higher C) lower; lower D) lower; higher
Using economic efficiency as the standard, most economic models imply that ________ when trying to reduce the debt
A) increasing taxes is preferable to reducing government expenditure B) reducing government expenditure is preferable to increasing taxes C) increasing taxes is equally efficient as reducing government expenditure D) reducing government expenditure is no more effective than increasing taxes
Which of the following generates a demand for dollars in the foreign exchange market?
A. Travel by foreign visitors in the United States. B. Transfers of money by foreign workers in the United States to relatives abroad. C. Foreign aid given by the United States. D. U.S. military installations abroad.