Comparing the minimum wages between 1974 and 2011 addresses the economic concept of
A) the principle of voluntary exchange. B) the principle of diminishing returns.
C) the real-nominal principle. D) the marginal principle.
C
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Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting downward C. Aggregate demand shifting rightward D. Aggregate demand shifting leftward
Which of the following resulted due to the budget reforms undertaken by the weaker economies to receive assistance?
A. Inflation rates decreased in the weaker economies. B. Unemployment rose dramatically in the weaker economies. C. Economic activity increased in the weaker economies. D. Taxes decreased dramatically in the weaker economies.
The concept of price elasticity of demand measures the
A. number of buyers in a market. B. slope of the demand curve. C. extent to which the demand curve shifts as the result of a price decline. D. sensitivity of consumer purchases to price changes.
In the Classical model, a decrease in the money supply __________ the real GDP and __________ the price level
A) leaves unchanged; leaves unchanged B) leaves unchanged; lowers C) lowers; lowers D) lowers; leaves unchanged