An effective minimum wage tends to
A) increase the supply of unskilled labor.
B) decrease the demand for unskilled labor.
C) create a surplus of unskilled labor.
D) accomplish all of the above.
E) accomplish none of the above.
C
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Refer to Figure 4-1. What is the total amount that Arnold is willing to pay for 4 burritos?
A) $1.00 B) $4.00 C) $7.00 D) $10.00
In one week, Mohammed can knit 5 sweaters or bake 240 cookies. In one week, Tetah can knit 15 sweaters or bake 480 cookies. Mohammed and Tetah would produce the maximum quantities of cookies and sweaters if
a. Mohammed knitted and baked and Tetah did nothing b. Tetah knitted and baked and Mohammed did nothing c. Mohammed knitted and Tetah baked d. Tetah knitted and Mohammed baked e. Mohammed knitted and baked and Tetah just knitted