"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:

Family Business

A commercial organization in which decision-making is influenced by multiple generations of a family related by blood or marriage.

Guidelines

Recommendations or protocols aimed at steering actions or decisions in a specific direction or towards achieving a desired outcome.

Family Member

An individual who is related to another by birth, adoption, or marriage, and holds a specific familial role such as parent, sibling, or spouse.

Nonfamily Employees

Employees who are not relatives or members of the business owner's family, hired to perform tasks and roles within an organization.