What is the measure of the income earned by owners of resources used in making final goods and services?

Studies of the effects of the minimum wage typically find that a 10 percent increase in the minimum wage depresses teenage employment by about

a. 1 to 3 percent. b. 5 to 7 percent. c. 10 percent. d. None of the above is correct because studies show no decrease in teenage employment.

Rent seeking is the actions of

A) individuals and groups who spend resources to influence public policy in the hope of redistributing income to themselves from others. B) a subset of the population that hold intense preferences for a particular government service. C) some citizens who choose not to acquire information because the costs of acquiring the information are greater than the benefits. D) politicians who exchange votes to gain support for their own legislation.