The minimum wage, if it is binding, raises the incomes of
a. no workers.
b. only those workers who cannot find jobs.
c. only those workers whose jobs would pay less than the minimum wage if it didn't exist.
d. all workers.
c
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Starting from long-run equilibrium, the long-run impact(s) of a sharp drop in oil prices, compared to the original equilibrium, is(are):
A. the same inflation and the same output. B. lower inflation and lower output. C. higher inflation and the same output. D. higher inflation and lower output.
Briefly describe two systems for fixing the exchange rates of all currencies against each other and the time periods in which they were used
What will be an ideal response?
An increase in supply causes
A) quantity supplied to decrease. B) supply and price to increase. C) price to decrease. D) price to increase.
Which of the following is the most likely result of an increase in the minimum wage?
a. an increase in the employment of unskilled workers b. a decrease in the number of workers seeking minimum wage jobs c. an increase in the demand for unskilled workers d. a decrease in the employment of unskilled workers