It can be argued that the minimum jobs proposal is preferable to a minimum wage law because:
a. it provides more job opportunities to women.
b. it cannot be overturned by the federal government.
c. it puts a floor on the wage as well as on the nature of the job.
d. it applies to students and non-students.
Answer: c. it puts a floor on the wage as well as on the nature of the job.
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According to the equation of exchange, if nominal GDP equals $6 trillion and the money supply equals $1 trillion, the velocity of money: a. must be 6
b. must be 1/6. c. must be 6 trillion. d. must be 1/6 trillion. e. cannot be determined unless we know the price level.
When a banker accepts a deposit of $1,000 in cash and puts $200 aside as required reserves and then makes a loan of $800 to a new borrower, this set of transactions
a. decreases the money supply by $1,000. b. decreases the money supply by $200. c. does not change the money supply. d. increases the money supply by $200. e. increases the money supply by $800.