Refer to Table 4-4. If a minimum wage of $10.00 an hour is mandated, what is the quantity of labor supplied?

A compensating wage differential is

a. the difference between the wage of an individual working in favorable conditions and the wage of an individual working in unfavorable conditions b. compensation paid to an individual for working in a less desirable environment c. premium paid to a security holder to compensate him for bearing a higher risk d. Only A&B

Which of the following is false? a. Policy makers generally get the timing of countercyclical macroeconomic policy correct

b. To know the appropriate countercyclical policy to adopt, policy makers would need to know the natural rate of real output. c. If policy makers underestimate the multiplier, they may overshoot their goal for stimulus policies. d. All of the above are true