Which of the three political philosophies discussed in the textbook, if any, view the total income of society as a shared resource that a social planner can freely redistribute to achieve some social goal?

The lower the real wage rate, the

A) fewer workers firms can profitably hire. B) more workers firms can profitably hire. C) more workers will supply labor. D) higher the nominal wage rate. E) larger the quantity of labor supplied.

Refer to Table 4-8. If a minimum wage of $10.50 is mandated there will be a

A) surplus of 30,000 units of labor. B) shortage of 60,000 units of labor. C) surplus of 60,000 units of labor. D) shortage of 30,000 units of labor.