Refer to Table 4-8. If a minimum wage of $10.50 an hour is mandated, what is the quantity of labor supplied?

In the classical model, how do shifts in aggregate demand affect real GDP?

A) Real GDP will remain unchanged. B) Increases in aggregate demand increase real GDP. C) Increases in aggregate demand decrease real GDP. D) Decreases in aggregate demand increase real GDP.

Which statement is true?

A. Poor people generally receive Social Security benefits. B. Medicaid is an "in-kind" benefit paid to poor people. C. Nearly all of the poor receive public assistance. D. None of these statements are true.