Choose the statement about an effective minimum wage that is correct.
A. The minimum wage is a fair rule because otherwise? low-skill workers would earn a lower wage.
B. The minimum wage imposes a fair rule because it is legislated by the government and passed into law by majority rule.
C. The result of the minimum wage is fair because those who find jobs are the least well off.
D. The result of the minimum wage is unfair because only those people who have jobs and keep them benefit from the minimum wage.
Ans: D. The result of the minimum wage is unfair because only those people who have jobs and keep them benefit from the minimum wage.
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Marginal benefit is the benefit ________ one more unit of the good and ________ of the good increases
A) of producing; increases as production B) of producing; decreases as production C) from consuming; increases as consumption D) from consuming; decreases as consumption
Which of the following observations concerning the Phillips curve is not true?
a. They are normally upward-sloping. b. They are more commonly constructed for price inflation. c. They depict the inverse relation between wage inflation and unemployment. d. They depict the rate of unemployment on the horizontal axis.