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.
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
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