Research Suggests That as the Minimum Wage Is Increased by 10%,the

question 92

Multiple Choice

Research suggests that as the minimum wage is increased by 10%,the associated increase in the teenage unemployment rate is nearly

• A)1 percent
• B)10 percent
• C)20 percent
• D)25 percent
• E)30 percent

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Definitions:

John Maynard Keynes

A British economist whose theories, known as Keynesian economics, had a major impact on modern economic and political theory as well as on fiscal policies of governments.

Supply Of Money

The total amount of money in circulation or in existence in a country.

Checking Deposits

Deposits in a bank account that can be withdrawn at any time without prior notice, typically used for day-to-day expenses.

Reserve Ratio

The percentage of deposits that banking authorities mandate a bank to keep as reserves, prohibiting them from being loaned out.