In the figure above, if a minimum wage of $6 per hour has been imposed and the labor demand curve then shifts from D0 to D1 the wage rate ________ and the amount of employment ________
A) falls; decreases
B) does not change; increases
C) does not change; decreases
D) falls; increases
C
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In 1966, the Catholic Church eliminated the centuries-old requirement that members abstain from eating meat on Fridays. Catholics customarily ate fish on Friday. Given this, economics would predict thatÂ
A. the price of both meat and fish would rise. B. the price of fish would increase and the price of meat would fall. C. the price of fish would decrease and the price of meat would rise. D. the price of both meat and fish would fall.
In a competitive market economy, a resource in short supply will be allocated
a. so that each firm gets enough to keep producing some portion of its output. b. according to how much each firm purchased before the shortage. c. to those firms that can make the most profitable use of it. d. by government regulation.
Product innovation:
A. is accurately reflected in the basket of goods. B. is not an issue for the CPI since it uses a fixed basket of goods and services. C. doesn't cause the CPI to be overestimated. D. presents a problem for those calculating the CPI because they use a fixed basket of goods.
The ongoing creation and destruction of jobs creates
What will be an ideal response?