Economic analysis indicates minimum wage legislation has
a. made it possible for any teenager who wants to work to earn almost 80 percent as much as an adult.
b. made it easier for teenagers to find jobs that offer the opportunity for training.
c. been an important source of increases in income since most workers earn at or near the minimum wage.
d. reduced the on-the-job training opportunities available to teenagers.
D
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Which of the following is likely to happen when the Fed raises the federal funds rate?
A) The long-run interest rate will fall. B) The labor demand curve shifts to the left. C) The volume of economic activity will increase. D) The labor demand curve shifts to the right.
An economic model suggests that an additional year of education increases a student's future wages by 15 percent. Using this model, answer the following questions: a) Gary completes 8 years of education, and John completes 9 years of education
If Gary earns $20 per hour, how much is John expected to earn? b) John completes 9 years of education, and Kevin completes 12 years of education. Given John's earnings [as calculated in a)], how much is Kevin expected to earn? c) Is there any limitation to such a model? Explain your answer.