Suppose You Were to Hear an Economist Defend the Minimum

question 34

Multiple Choice

Suppose you were to hear an economist defend the minimum wage on the grounds that she estimated that the demand for labor is nearly vertical, 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:

Confounding Variable

An external factor in a study that might affect the outcome and lead to incorrect conclusions if not controlled.

Meta-analysis

A statistical approach that combines the results of multiple scientific studies to identify patterns, differences, or other significant findings.

Statistical Analysis

The process of collecting, reviewing, and interpreting data to discover underlying patterns and trends.

Aggregate Data

consists of data combined from several measurements, making it possible to provide statistical analysis on a larger scale.