Which of the following is not a consequence of minimum wage laws?
A) Low-skilled workers are hurt because minimum wage reduces the number of jobs providing low-skilled workers with training.
B) Employers will be reluctant to offer low-skilled workers jobs with training.
C) Producers have an incentive to offer workers non-wage benefits such as health care benefits and convenient working hours rather than a higher wage.
D) Some workers benefit when the minimum wage is increased.
Answer: C
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The largest part of what the United States produces today is ________ such as ________
A) goods; food and electronic equipment B) goods; education and entertainment C) services; trade and health care D) services; textbooks and computers
Suppose that a worker in Country A can make either 25 bananas or 5 tomatoes each year. Country A has 200 workers. Suppose a worker in Country B can make either 18 bananas or 6 tomatoes each year. Country B has 400 workers. The workers in Country B will benefit from trade if they:
A. specialize in bananas because they have a comparative advantage in banana production. B. specialize in tomatoes because their opportunity cost of tomatoes is higher than Country A's. C. specialize in tomatoes because their opportunity cost of tomatoes is lower than Country A's. D. specialize in bananas because they have an absolute advantage in banana production.
The Bretton Woods agreements were ended when the
a. European Common Market was formed. b. OPEC countries raised the price of oil. c. United States was forced to devalue its currency. d. United States recognized Red China.
Which of the following statements is true?
A. A tariff is a physical limit on the quantity of a good allowed to enter a country. B. An embargo is a tax on an imported good. C. A quota is a law that bars trade with another country. D. When a nation exports more than it imports it is running a balance of trade surplus.