An Increase in the Federal Minimum Wage, Assuming the Minimum

question 17

Multiple Choice

An increase in the Federal minimum wage, assuming the minimum is higher than equilibrium wage and that all other things remain constant, will:

• A) reduce the number of unemployed.
• B) increase the number of unemployed.
• C) shift the supply of labor to the right.
• D) shift the demand of labor to the right.

Understand the composition of U.S. household assets and liabilities in 2018.

Differentiate between real and financial assets and their significance in the economy.

Recognize the value and functions of financial securities, including derivatives and fixed-income securities.

Comprehend the role and impact of financial markets and institutions in facilitating economic activities.

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Definitions:

Indemnity Action

A legal action seeking compensation for damages or loss from another party as recompense for harm suffered.

Duty To Defend

The duty to defend entails a legal obligation, often found in insurance policies, where the insurer must provide legal defense to the insured party in case of a lawsuit that falls under the policy coverage.

Compensatory Damages

Monetary awards issued to a plaintiff to compensate for actual losses, injuries, or damages they have incurred.

Liability Case

A legal dispute or lawsuit in which the plaintiff seeks damages from the defendant due to injury or loss caused by the defendant’s actions or negligence.