In: Economics
Question 40
Liberalism is the political philosophy espoused by
a. |
Robert Nozick. |
|
b. |
John Rawls. |
|
c. |
John Stuart Mill. |
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d. |
Jeremy Bentham. |
Question 41
A binding minimum wage
a. |
affects employees but not employers. |
|
b. |
lowers the productivity of workers. |
|
c. |
raises the cost of labor to firms. |
|
d. |
All of the above are correct. |
Question 42
Economists who support minimum-wage legislation are likely to believe that the
a. |
supply of unskilled labor is relatively inelastic. |
|
b. |
demand for unskilled labor is relatively inelastic. |
|
c. |
supply of unskilled labor is relatively elastic. |
|
d. |
demand for unskilled labor is relatively elastic. |
40. B
(Rawls espoused liberalism.)
41. C
(Due to minimum wage, firm pays higher wages so the cost of labor
to firms increases.)
42. B
(As demand would be relatively inelastic, so minimum wage would not
affect the demand for workers and thus economists support minimum
wage legislation.)