Which of the following is true of minimum-wage laws?
a. They affect skilled workers' wages.
b. They create above-equilibrium wages for some unskilled workers.
c. They create a shortage of unskilled labor.
d. They negatively affect the employment of skilled workers.
b
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Which of the following is not an in-kind benefit?
a. A company life insurance policy. b. A company health plan. c. A company's annual holiday bonus. d. A company car.
Which of the following statements is TRUE about the long-run and short-run aggregate supply curve in the classical model?
A) The long-run aggregate supply curve is vertical, and the short-run curve is horizontal. B) The long-run aggregate supply curve is not defined, and the short run curve is vertical. C) The long-run and short-run curves start out horizontal and eventually become vertical. D) The long-run curve is vertical, and there is no short-run curve since all adjustments occur quickly.