The minimum wage
A. creates a shortage of labor.
B. creates a surplus of labor.
C. increases producer surplus.
D. increases economic efficiency.
Answer: B
You might also like to view...
If the contribution from capital growth equals 2 percent and the contribution from labor growth equals 4 percent, then GDP ________
A) will grow by 6 percent B) will grow by 8 percent C) will grow by 2 percent D) will change by an unknown percentage
_________ transfers, which are included in the trade balance, are payments made by government, private charities, or individuals in which money is sent abroad without any direct good or service being received.
a. Lateral b. Bilateral c. Unilateral d. Non-lateral
Answer the following questions true (T) or false (F)
1. Suppose the extra annual cost to a nation to enact a mandatory seat belt law for motorcycles is $850. Then, the nation should enact this seat belt law if doing so results in an additional benefit of $850 or more each year. 2. The government makes all economic decisions in a mixed economy. 3. When voluntary exchange takes place, both parties gain from the exchange.
In February 2010, the price of gasoline in the Florida was $2.629 per gallon and the CPI was 202.4 with a base period of 1982 to 1984. What was the real price of gasoline per gallon in base period dollars?
A) $2.629 per gallon B) $1.00 per gallon C) $1.29 per gallon D) $5.32 per gallon E) $1.809 per gallon