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:

Internal Locus

A belief that one has control over their own life and outcomes rather than external forces.

Weak Internal

Referring to the lack of strength, structure, or robust processes within an organization's internal framework, affecting its effectiveness and efficiency.

Position Power Base

The authority or influence a person holds in an organization or group based on their role or position.

Legitimate

Lawfully recognized or conforming to established rules and standards, having a justified or recognized claim.