Suppose You Were to Hear an Economist Defend the Minimum

question 18

Multiple Choice

Suppose you were to hear an economist defend the minimum wage on the grounds that she estimated that when she estimated the saving rate of minimum wage workers and found it to be much smaller than the savings rate of employers. You would know her to be relying on the ____ argument.

• A)macroeconomic
• B)elasticity
• C)work effort
• D)consumer and producer surplus

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Definitions:

Meditation

A practice of focused concentration or mindfulness, often involving deep breathing, to promote relaxation, awareness, and mental clarity.

Automatic Behavior

actions performed without conscious thought or intention, often as habits or learned responses, allowing efficient execution of routine tasks.

Uncertainty

The condition of being unsure or having doubts about something, often leading to a lack of confidence in decisions.

Novel Features

Unique or distinctive attributes, characteristics, or aspects not previously known or recognized.