An increase in the minimum wage will tend to cause which of the following to occur?
A) an increase in the size of the surplus of labor
B) a leftward shift in the demand for labor
C) a rightward shift in the supply of labor
D) a reduction in the unemployment rate
A
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In the figure above, the quantity of low-skilled labor employed is
A) 2,000 hours per day. B) 4,000 hours per day. C) 5,000 hours per day. D) 7,000 hours per day.
A bond is:
A. a financial asset that represents partial ownership of a company. B. a payment made periodically to all shareholders of a company. C. an agreement in which a lender gives money to a borrower in exchange for a promise to repay the amount loaned plus an agreed-upon amount of interest. D. a promise by the bond issuer to pay a lump sum at a specified maturity date, and, in some cases, to pay periodic interest at a specific percentage rate.
If production of a good creates negative externalities, then the market
a. will under produce it b. will over produce it c. must be perfectly competitive d. must be constrained by barriers to entry e. will produce the most efficient quantity
The money wage rate has little effect on the supply curve. It mainly affects the aggregate demand curve
a. True b. False Indicate whether the statement is true or false