The "fair results" view of fairness says that a minimum wage law set above the equilibrium wage rate is unfair because the minimum wage
A) does not apply to all workers.
B) boosts the income of highly skilled workers.
C) benefits only those workers who are able to find and keep a job.
D) benefits nobody.
E) cannot be enforced.
C
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Which of the following statements has been proposed as a benefit of passive policy making?
A) When using passive policy making there is no tradeoff between price stability and unemployment. B) Passive policy making allows for making immediate changes in response to an anticipated change in economic performance. C) Passive policy making utilizes the rational expectations hypothesis. D) Passive policy making does not wait for the time lag between recognition of a problem and policy action before engaging in economic policies to stabilize the economy.
If 12 candy bars are demanded at $0.30 each and 4 candy bars are demanded at $0.50 each, what is the elasticity of demand over the price range from $0.30 to $0.50?
a. 2 b. 1.67 c. 0.5 d. 7.5 e. 0.4