The minimum wage laws seek to
A) penalize employers that are not complying with labor laws.
B) assure a minimum standard of payment for work.
C) assure that all workers are paid the same wage rate.
D) help teenagers find work.
Answer: B
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The reserve ratio equals 20 percent. The Fed buys $1 million in U.S. government securities. The most the money supply can increase is
A) $5 million. B) $4 million. C) $10 million. D) $1 million.
When new firms enter a perfectly competitive market,
a. economic profits of existing firms will continue to be zero. b. entering firms will earn zero economic profit upon entry into the market. c. existing firms may see their costs rise if more firms compete for limited resources. d. prices will rise as existing firms raise prices to keep new firms out of the market.