"An Increase in the Federal Minimum Wage Causes an Increase

question 60

Multiple Choice

"An increase in the federal minimum wage causes an increase in unemployment among teenagers" is a:

• A) statement of positive economics.
• B) statement of normative economics.
• C) testable value judgment.
• D) fallacy of composition.

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Definitions:

Coupon

A promotional tool in the form of a voucher that offers a discount or rebate on the purchase of a product or service.

Marginal Analysis

Marginal Analysis is an assessment method used to evaluate the impact of a small change in production levels or economic activity, focusing on the cost and benefit of making that change.

Real Estate

Property consisting of land and the buildings on it, along with its natural resources, including mineral deposits, crops, and water.

Savings Account

A bank account that earns interest in exchange for holding funds.