Economic theory supports the view that increasing the minimum wage will
A. increase the employment of teenagers.
B. increase the number of monopsony firms.
C. decrease the employment of unionized labor.
D. decrease the employment of teenagers.
Answer: D
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Which of the following best describes a good with perfectly elastic supply?
A) Any increase in the price of the good leads to an increase in the seller's revenue. B) Any increase in the price of the good decreases the quantity supplied of the good by more than the price change. C) Any increase in the price of the good will induce the firm to supply an infinite quantity of the good. D) Any increase in the price of the good increases the quantity supplied of the good exactly by the amount of the price change.
Some economists have proposed making the tax treatment of employer-provided health insurance the same as the tax treatment of individually purchased health insurance and out-of-pocket health care spending
Such changes would make it more likely that A) insurance deductibles would decrease. B) employers would provide more generous medical coverage to their employees. C) consumers would pay prices closer to the actual costs for routine medical care. D) the quantity of medical services demanded would increase.
Refer to Table 21-1. Using the table above, what is the approximate average annual growth rate from 2013 to 2016?
A) 1% B) 1.5% C) 2% D) 3%
Congress established the FOMC because
A) a group was needed to set reserve requirements for member banks. B) of a lack of coordination among district banks in carrying out open market operations. C) Congress was attempting to expand its influence within the Federal Reserve System. D) a group was needed to coordinate the setting of discount rates by the district banks.