Because the minimum wage is not indexed to inflation, when there is inflation the nominal minimum wage ________, and the real minimum wage ________.
A. increases; decreases
B. decreases; remains constant
C. remains constant; decreases
D. remains constant; remains constant
Answer: C
Economics
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Empiricism refers to the process of:
A) making choices using values and beliefs. B) measuring variables. C) testing ideas using data. D) collecting and organizing data.
Economics
The above figure gives your budget line between CDs and magazines. If the price of a magazine increased, then the budget line
A) shifts outward and the slope does not change. B) rotates inward with no change in the horizontal intercept. C) rotates inward with no change in the vertical intercept. D) rotates outward with no change in the vertical axis.
Economics