The minimum wage was instituted to ensure workers
a. a middle-class standard of living.
b. employment.
c. a minimally adequate standard of living.
d. unemployment compensation.
c
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The theory of regulatory behavior that suggests that regulators must consider the demands of legislators, consumers, and members of the regulated agency is called
A) the capture theory. B) share-the-gains, share-the-pains theory. C) the natural theory. D) the creative theory.
The banking system can lend the sum of its excess reserves because
A. The money multiplier is less than 1. B. Banks are required to keep only a fraction of deposits on reserve. C. Required reserves are a leakage from the banking system. D. Bank assets are greater than bank liabilities.
If you save less because the government is going to tax you and later provide you with a benefit, then this reduction in savings is referred to by economists as the
A. asset substitution effect. B. induced retirement effect. C. slovenly effect. D. bequest effect.
If the market price is $3 and a perfectly competitive firm is producing 2,200 units and the marginal cost to produce the 2,200th unit is $2.85, which of the following is true?
A) The firm is maximizing profit. B) The firm should decrease production to maximize profit. C) The difference between marginal revenue and marginal cost (MR - MC) for the 2,200th unit is negative. D) The firm should increase production to maximize profit.