Minimum wage in the U.S. is:
A. Set at the federal level, and all states abide by that level
B. Set at the federal level, but many states set their own minimums that are higher than the federal level
C. Set at the federal level, but many states set their own minimums that are lower than the federal level
D. Set at the state level, not by the federal government
B. Set at the federal level, but many states set their own minimums that are higher than the federal level
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Margaret can use her quarterly savings to buy a teakwood study table for her room or spend it on a small Christmas party with her family. The _____ cost of her enjoyment at the Christmas party would then equal the forgone utility of the study table
a. transaction b. exchange c. opportunity d. direct e. sunk
"The standard of living is too low for many individuals in the United States. The government should implement policies designed to achieve a more equal distribution of income." The preceding statements are
a. positive economic statements based on cause and effect. b. normative economic statements based on value judgments. c. based on the fallacy of composition argument. d. an empirically validated economic principle.
If no fiscal policy changes are implemented to fight inflation, suppose the aggregate demand curve will exceed the current aggregate demand curve by $900 billion at any level of prices. Assuming the marginal propensity to consume is 0.90, this increase in aggregate demand could be prevented by:
A. increasing government spending by $500 billion. B. increasing government spending by $140 billion. C. decreasing taxes by $40 billion. D. increasing taxes by $100 billion.
When the IMF provides loans to developing countries, it often requires these countries to adopt:
A. a contractionary fiscal policy and an expansionary monetary policy. B. contractionary monetary and fiscal policies. C. expansionary monetary and fiscal policies. D. a contractionary monetary policy and an expansionary fiscal policy.