If the labor supply curve is upward-sloping, an adverse supply shock causes ________ in employment and ________ in the real wage

A) no change, a decrease
B) a decrease, a decrease
C) a decrease, no change
D) a decrease, an increase
E) an increase, an increase

B

Economics

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Refer to Table 4-7. If a minimum wage of $12.50 an hour is mandated, what is the quantity of labor supplied?

A) 80,000 B) 550,000 C) 630,000 D) 1,180,000

Economics

It is correct to state that a society which is on its production possibilities curve is

A) underutilizing is resources. B) technologically inefficient. C) consuming too much output. D) fully utilizing its productive resources.

Economics