A minimum wage set above the equilibrium wage rate is a price
A) ceiling that results in a shortage of low-skilled labor.
B) ceiling that results in a surplus of low-skilled labor.
C) floor that results in a shortage of low-skilled labor.
D) floor that results in a surplus of low-skilled labor.
D
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A wealthy Japanese executive decides to buy a large amount of U.S. assets. This would contribute to
a. a deficit in the U.S. current account b. a deficit in the U.S. capital account c. a surplus in the U.S. current account d. a surplus in the U.S. capital account e. a deficit in the total balance of payments
If the budget line rotates, then we know that
A) income has changed. B) their has been a change in the consumer's tastes. C) the price of one of the goods had changed. D) the consumer was not maximizing their utility.