If a consumer is willing and able to pay $20 for a particular good and if he pays $16 for the good, then for that consumer, consumer surplus amounts to

Other things remaining the same, in the long run ________ in the quantity of money brings an equal percentage ________

A) a decrease; increase in the price level B) an increase; decrease in the price level C) a decrease; increase in the nominal interest rate D) a decrease; decrease in the price level E) an increase; increase in the real interest rate

Total employment tends to decrease in response to any increase in the legal minimum wage because

A) employers can usually find substitutes for unskilled workers. B) higher wages mean fewer family members will be forced to take jobs. C) wages must be paid out of profits and profits are limited. D) workers are often willing to trade jobs for income.