Which of the following is the most likely outcome of raising the minimum wage?
a. an increase in both the quantity of labor supplied by workers and the quantity of labor demanded by firms
b. an increase in the quantity of labor supplied by workers and a decrease in the quantity of labor demanded by firms
c. a decrease in the quantity of labor supplied by workers and an increase in the quantity of labor demanded by firms
d. a decrease in both the quantity of labor supplied by workers and the quantity of labor demanded by firms
b
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An increase in the price of tickets to a popular sporting event will increase total revenue if:
A. There are many substitutes for this form of entertainment B. The ticket is considered to be a luxury C. The buyers of the tickets are fanatic about the event D. The fans are price-conscious
In 2011, the percentage of the total U.S. population that lived in poverty was approximately:
A. 5 percent B. 10 percent C. 15 percent D. 20 percent