Which of the following will cause an inward shift in the demand for steaks at a restaurant?
a. A report by the American Medical Association states that the consumption of steak reduces the risk of cardiovascular disease
b. A 50 percent reduction in the price of steaks
c. A double-digit increase in the price of chicken
d. A recession leading to a significant fall in the income levels of consumers
e. The expectation that the price of steaks will double within two months
d
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In the above figure, a minimum wage will not change the unemployment rate if it is set at
A) $6.00. B) $9.00. C) $12.00. D) Both B and C are correct because any wage rate that exceeds $9 per hour has no effect on the unemployment rate. E) None of the above because the minimum wage always affects the unemployment rate.
Since 1960, the labor force participation rate in the United States has
A) increased for men and women. B) decreased for men and women. C) increased for men and decreased for women. D) increased for women and decreased for men. E) increased for women and not changed for men.