Select the normative statement that completes the following sentence: If the minimum wage is raised:
a. cost per unit of output will rise.
b. workers will gain their rightful share of total income.
c. the rate of inflation will increase.
d. profits will fall.
b
Economics
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If it is assumed that there are absolutely no taxes in an economy, then aggregate consumption will be drawn as a function of:
a. disposable income. b. real GDP. c. government expenditure. d. private income. e. government transfers.
Economics
In a market economy, prices are the signals that guide the allocation of scarce resources
a. True b. False Indicate whether the statement is true or false
Economics