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Author Question: Which of the following is a normative economics statement? a. An increase in the minimum wage ... (Read 115 times)

Hungry!

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on: Jul 1, 2018
Which of the following is a normative economics statement?
 
  a. An increase in the minimum wage will reduce teenage employment.
  b. Increasing the minimum wage will result in more votes for progressive candidates.
  c. Raising the minimum wage would greatly increase labor costs in certain industries.
   d. Raising the minimum wage is a poor idea because living wage laws are better.

Question 2

If regulations create barriers to entry in an industry, the result can be _____.
 
  a. efficiency
  b. monopoly
  c. monopsony
   d. higher output


Animal_Goddess

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Reply #1 on: Jul 1, 2018
Answer to Question 1

d

Answer to Question 2

b


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