Refer to Table 4-8. If a minimum wage of $10.50 an hour is mandated, what is the quantity of labor demanded?
A) 400,000 B) 370,000 C) 340,000 D) 60,000
C
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The following table shows the demand for notebooks of four consumers
Price ($/unit) Consumer 1 Demand (units) Consumer 2 Demand (units) Consumer 3 Demand (units) Consumer 4 Demand (units) $8 8 6 9 10 $6 16 10 15 18 $4 20 13 21 24 $1 22 17 24 27 Define the term "market demand." If these four consumers constitute the entire market, calculate the market demand for notebooks at $1, $4, $6, and $8.
The new classical approach to the aggregate supply curve assumes that businesses are
A) better informed about the general price level than they are about prices in their own markets. B) better informed about prices in their own markets than they are about the general price level. C) equally well informed about prices in their own markets and the general price level. D) reluctant to engage in investment spending because of a lack of information concerning future prices.
Which of the following is not a form of crowding out?
a. Lower household spending due to higher interest rates b. Lower business spending due to higher interest rates c. Lower net exports due to higher interest rates d. Lower private spending due to higher taxes e. Greater output and employment in the short run
The value of money
a. remains constant during periods of inflation. b. varies inversely with the general price level. c. varies directly with the general price level. d. varies indirectly with output.