If the Minimum Wage Is Set Above the Equilibrium Wage,then

question 15

Multiple Choice

If the minimum wage is set above the equilibrium wage,then

• A) more people will work than at the equilibrium wage.
• B) the same number of people will work as at the equilibrium wage.
• C) fewer people will want to work than at the equilibrium wage.
• D) there will be fewer labor hours purchased by employers than at the equilibrium wage.
• E) none of the above

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Definitions:

European Diseases

Infectious diseases brought to the Americas by European explorers and colonists that had devastating impacts on indigenous populations due to lack of prior exposure and immunity.

Gold and Silver

Precious metals that have been traditionally used as currency, in jewelry, and for industrial purposes due to their value and properties.

Inflation

A general increase in prices and fall in the purchasing value of money.

Balance of Trade

The difference in value between a country's imports and exports over a certain period, indicating the economic health of a nation.