When a minimum-wage law forces the wage to remain above the level that balances supply and demand, the result is a shortage of labor
a. True
b. False
Indicate whether the statement is true or false
False
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If society produces at a point inside the production possibilities frontier, it is characterized by full employment of resources.
Answer the following statement true (T) or false (F)
A ________ occurs when government spending exceeds tax revenue
A) budget deficit B) negative externality C) consumer surplus D) positive externality
Assuming a required reserve ratio of 5%, interest rate on reserves of 1%, and interest rate on loans of 6%, what is the effective cost of the reserve requirement on a $10,000 deposit?
A) 0.05% B) 0.25% C) 0.30% D) 1%
As the velocity of money rises, the amount of money being held by individuals also rises
a. True b. False Indicate whether the statement is true or false