Since the minimum wage rate began it has typically stayed at about what percentage of the average manufacturing wage?

A) 10-20%
B) 20-30%
C) 40-50%
D) 75-80%


C

Economics

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Which of the following statements best describes a price ceiling?

(a) The maximum price that consumers will pay for a product/service. (b) A price ceiling will cause an excess demand for a good/service. (c) A price lower than the market equilibrium price. (d) All of the above.

Economics

Suppose that in 2020 the average citizen's federal tax bill is $14,888 per person, and total federal spending is $13,997 per person. In 2020, the federal government will have

a. a per person budget surplus of $891. b. a per person budget deficit of $891. c. horizontal equity. d. vertical equity.

Economics

Use the following table to answer the next question. The money supply and investment are in billions.Money Supply (billions of dollars)Interest RateInvestment (billions of dollars)$507%$100606110705120804130903140Assume that the MPC is 0.8 and the reserve requirement is 0.1. If the Federal Reserve needs to increase aggregate demand by $100 billion at each price level to move the economy back to full employment and the current interest rate is 7%, then the Federal Reserve should ________ the money supply by ________.

A. increase, $20 billion B. decrease, $10 billion C. decrease, $20 billion D. increase, $10 billion

Economics

Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.

A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher

Economics