The ease with which an asset can be converted into the economy's medium of exchange is known as _____

Which of the following are both correct?

a. Data show no correlation between saving and measures of economic well-being. A reduction in tax rates may reduce saving because of the income effect. b. Data show no correlation between saving and measures of economic well-being. A reduction in tax rates may reduce saving because of the substitution effect. c. Data show a positive correlation between saving and measures of economic well-being. A reduction in tax rates may reduce saving because of the income effect. d. Data show a positive correlation between saving and measures of economic well-being. A reduction in tax rates may reduce saving because of the substitution effect.

If the equilibrium wage in the market for unskilled labor is $8.00 per hour and the government sets a minimum wage at $8.00 per hour, which of the following will occur?

A. The minimum wage will have no effect because it is set at the equilibrium wage. B. Some unskilled workers will lose their jobs. C. The wages paid to unskilled workers will rise. D. The number of workers employed in the market will increase.