The amount by which the federal government's annual expenditures exceed its annual receipts is the

Based on our understanding of the labor market model presented in Chapter 6, we know that an increase in the minimum wage will cause

A) an increase in the equilibrium real wage. B) a reduction in the equilibrium real wage. C) a reduction in the natural rate of unemployment. D) both B and C

For a construction company that builds houses, which of the following costs would be a fixed cost?

a. the $20 per hour wage paid to a construction foreman b. the $30,000 per year salary paid to the company's bookkeeper c. the $2 per worker-hour paid to the state government for workers' compensation insurance d. All of the above are correct.