In the United States, the wage floor legislated by government below which it is generally illegal to pay workers is known as
A) the minimum wage.
B) the wage ceiling.
C) the employment gap.
D) the going wage.
Answer: A
Economics
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Assume the marginal propensity to consume (MPC) is 0.75 and the government cuts taxes by $250 billion. The aggregate demand curve will shift to the:
a. right by $1,000 billion. b. right by $750 billion. c. left by $1,000 billion. d. left by $750 billion.
Economics
The demand curve for a product will shift rightward when the price of a substitute decreases
a. True b. False
Economics