The market for unskilled labor is illustrated in the figure above. The market is in equilibrium and then a minimum wage of $5 per hour is imposed. Employment will fall by

When outcomes are uncertain

A) people always look for the sure thing. B) people are willing to pay risk premiums. C) people often need to be paid a risk premium before they take a certain course. D) none of these choices.

The concept of vertical equity is that

a. income should be taxed instead of property. b. property should be taxed instead of income. c. there should be little movement up or down the social scale. d. persons who are unequal should be treated unequally.