Author Question: According to the above table, if the minimum wage is set at 20 per hour, then A) the quantity of ... (Read 70 times)

krzymel · **on:** Jun 29, 2018

According to the above table, if the minimum wage is set at 20 per hour, then

A) the quantity of labor demanded will increase until it is equal to the quantity of labor supplied.
B) there is an excess demand for labor.
C) the labor demand curve will shift until 20 is the new equilibrium real wage rate.
D) the quantity of labor supplied exceeds the quantity of labor demanded by 50 million hours per month.
E) the labor supply curve will shift until 20 is the new equilibrium real wage rate.

Question 2

In the United States since 1970, the quantity of M1 money people hold as a percentage of GDP has

A) decreased.
B) remained constant.
C) decreased at first and then increased.
D) increased at first and the decreased.
E) increased.