Suppose the current equilibrium wage rate for housekeepers is $8.60 per hour. An increase in the minimum wage to $7.50 per hour leads to
A) a surplus of housekeepers.
B) a shortage of housekeepers.
C) no change in the market for housekeepers.
D) an increase in the quantity of housekeepers supplied.
E) unemployment of housekeepers.
C
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Which of the following statements best describes the union movement between 1800-1860?
a. Unions were composed primarily of craftsmen. b. Unions were concentrated primarily in rural towns and villages. c. Union membership grew consistently through the period and comprised a substantial portion of the working population. d. Women were more likely to belong to unions than men.
When the residents of a nation are free to trade with foreigners, domestic producers will be able to
a. export more goods for which they are a high-cost supplier. b. supply a larger quantity of goods they can produce at a relatively low cost. c. charge higher prices then would otherwise be the case. d. survive in the marketplace even if they do not produce efficiently.