If the government increases its military spending, the aggregate demand curve shifts to the right

If real GDP is $11,750 billion and aggregate hours are 175 billion, labor productivity equals

A) $23.50 per hour. B) $52 per hour. C) $67 per hour. D) $235 per hour.

A minimum wage set above the equilibrium wage will

A) create a shortage of labor. B) create a surplus of labor. C) have no effect because the equilibrium level of employment is not affected by a minimum wage above the equilibrium wage. D) create a lower wage rate for skilled workers than for unskilled workers.