Which of the following is an accurate statement concerning minimum wage?
a. Minimum wage was originally formed to help immigrant families.
b. Between state and federal minimum wage laws, an employee is entitled to the higher one.
c. Almost all states have minimum wage laws.
d. In 2014, the federal minimum wage was set at $10 an hour.
b. Between state and federal minimum wage laws, an employee is entitled to the higher one.
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In the United States, the observed Phillips curve is
A) unstable over time. B) stable over time. C) never discernible. D) not a curve, but a straight line.
Which of the following will shift the supply curve for laptop computers to the left?
A) development of a cheaper microchip used in laptop computer production B) a subsidy to the laptop computer industry C) expectations of a future decline in laptop computer prices D) a reduction of the number of firms that make laptop computers