Economists who support minimum-wage legislation are likely to believe that the
a. demand for unskilled labor is relatively inelastic.
b. demand for unskilled labor is relatively elastic.
c. supply of unskilled labor is relatively elastic.
d. supply of unskilled labor is relatively inelastic.
a
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Suppose a tax is imposed on a good. This will
A) increase the price paid by the buyer and decrease the price received by the seller. B) increase the price paid by the buyer but leave the price received by the seller unchanged. C) decrease the price received by the seller but leave the price received by the buyer unchanged. D) increase the price received by the seller and decrease the price paid by the buyer.
Which of the following is a normative question?
A. Should the government require cars to be fuel efficient? B. Does legalized abortion lead to lower crime rates? C. Will moving a plant overseas reduce production costs? D. Will an increase in the minimum wage reduce poverty?