If the minimum wage is set
A) below the equilibrium wage rate, it will create unemployment.
B) equal to the equilibrium wage rate, it will create a shortage of labor.
C) above the equilibrium wage rate, it will create unemployment.
D) below the equilibrium wage rate, it will create a shortage of labor.
E) equal to the equilibrium wage rate, it will create a surplus of labor.
Correct Answer:
Verified
Q18: The Keynesian macroeconomic model states that
A)the economy
Q19: Which of the following increases frictional and/or
Q20: To increase workers' incomes, the City of
Q21: The Fair Labor Standards Act originally set
Q22: The length of time people spend in
Q24: The production function displays
A)normal returns.
B)average returns.
C)diminishing returns.
D)increasing
Q25: The quantity of labor demanded definitely increases
Q26: A country reports that its actual real
Q27: When all other influences on firms' hiring
Q28: At full employment, actual-------------equals-------------
A)nominal GDP; potential GDP
B)potential
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