If Congress voted to eliminate the minimum wage, which of the following would most likely occur?
a. Decrease in unit costs and an upward shift of the aggregate supply curve
b. Decrease in unit costs and an upward movement along the aggregate supply curve
c. Decrease in unit costs and a downward shift of the aggregate supply curve
d. Increase in unit costs and an upward shift of the aggregate supply curve
e. Increase in unit costs and an upward movement along the aggregate supply curve
C
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Comparing developed and developing nations in their use of tariffs, we see that
A) the developing nations' governments get very little revenue from tariffs. B) both governments get large amounts of revenue from tariffs. C) many developing nations' governments get a large portion of their revenue from tariffs. D) developing nations almost never impose tariffs because they want their people to obtain goods and services at the lowest possible price. E) developed nations rely much more than developing nations on tariff revenue.
Which of the following government policies would most likely result in an increase in economic growth?
A) a decrease in the life of a patent from 20 years to 15 years B) a decrease in government spending on grants issued through the National Institutes of Health C) a decrease in the interest rate at which the government provides student loans D) decreased copyright protection on music and movies
The MPP of capital is defined as the
a. change in total output divided by the change in loanable funds b. change in loanable funds divided by the change in total output c. contribution of loanable funds to the final product d. change in total cost attributed to employing one more unit of loanable funds e. change in output generated by employing one more unit of loanable funds
The supply curve in the graph above is
A. perfectly elastic.
B. relatively elastic.
C. perfectly inelastic.
D. relatively inelastic.