Minimum-wage laws can keep wages
a. above equilibrium and cause a surplus of labor.
b. above equilibrium and cause a shortage of labor.
c. below equilibrium and cause a surplus of labor.
d. below equilibrium and cause a shortage of labor.
a
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Based on the theory of purchasing power parity, in the long run, currencies of countries with significant inflation will tend to:
A. be flexible. B. appreciate. C. have nominal exchange rates. D. depreciate.
A price floor above the market clearing price typically results in I. an excess quantity supplied II. a shortage III. an excess quantity demand
A) I only B) II only C) III only D) II and III only
Excess demand of a product exerts __________pressure on prices
a. Zero b. No c. Upward d. Downward
Which of the following price indexes is designed to measure changes in the prices of goods and services purchased by a typical individual?
A. Index of Leading Economic Indicators B. Producer Price Index C. Consumer Price Index D. Gross Domestic Product (GDP) Deflator