The first minimum wage law was adopted
A. in New Zealand in 1894.
B. in England in 1876.
C. in the United States in 1938.
D. in Germany in 1922.
Answer: A
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The data in the table above shows the consumption by families in a small (poor) economy. The families consume only salt and bread. The reference base period is 2011. The cost of the CPI market basket in 2011 is
A) $64.00. B) $3.50. C) $52.00. D) $5.00. E) $100.
If you were a member of the NBER business-cycle dating committee, would you declare that the U.S
economy is now in a recession? Why? Describe the major variables that you would look at to determine whether the economy is in a recession or not, and what features of the data you would look for.
The television network newscaster reports that the national inflation rate the past year equaled 4 percent. This report would be of particular interest to a ____
a. microeconomist. b. normative economist. c. macroeconomist. d. Ceteris paribus. e. social science economist.
In the long run, what is the most important factor to shift the aggregate supply curve?
a. Input prices b. Output prices c. Productivity growth d. Wage growth