An Increase in the Minimum Wage Will Tend to Cause

question 15

Multiple Choice

An increase in the minimum wage will tend to cause which of the following?

• A) A downward shift in the PS curve.
• B) A downward shift in the WS curve.
• C) An upward shift in the PS curve.
• D) An upward shift in the WS curve.
• E) Both WA and PS curves shift up.

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Definitions:

Daydreams

Spontaneous, self-generated thoughts and imaginations that occur while a person is awake, often reflecting desires, fears, or creative thinking.

Unrealistic Optimism

A cognitive bias causing a person to believe they are less likely to experience negative events and more likely to experience positive events.

Pessimism

A tendency to see the worst aspect of things or believe that the worst will happen.

Experience Seeking

A psychological trait characterized by the pursuit of novel and intense experiences and sensations.