Supporters of minimum-wage legislation argue that:
A. workers deserve a basic standard of living.
B. it should be set below the market equilibrium wage.
C. some workers will become unemployed as a result of the minimum wage.
D. All of these are true.
A. workers deserve a basic standard of living.
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Suppose you are graphing the quantity of bagels on the vertical axis and the quantity of coffee on the horizontal axis. A household's real income in terms of bagels is the
A) relative price of coffee. B) relative price of bagels. C) point at which the budget line intersects the x-axis. D) point at which the budget line intersects the y-axis.
When financial intermediaries deleverage, firms cannot fund investment opportunities resulting in
A) a contraction of economic activity. B) an economic boom. C) an increased opportunity for growth. D) a call for government regulation.