If a group of professionals successfully lobby the government to require workers in their profession to have a license, the most likely result will be a(n)
a. reduction in the supply of such professionals and a decrease in their wage rate
b. reduction in the demand for such professionals and an increase in their wage rate
c. reduction in the supply of such professionals and an increase in their wage rate
d. reduction in the demand for such professionals and a decrease in their wage rate
e. increase in the demand for such professionals and an increase in their wage rate
C
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Saving is disposable personal income spent on investment
a. True b. False Indicate whether the statement is true or false
Which of the following is true with regard to minimum wages? a. A minimum wage does little to alleviate poverty
b. A minimum wage helps deal with the problem of poverty. c. A minimum wage leads to a surplus or unemployment in the skilled labor market. d. A minimum wage adversely affects the unskilled laborers between the age group 40 and 45. e. A minimum wage helps provide employment to teenagers and improve their standard of living.