In Countries That Have High Minimum Wages and Require a Lengthy

question 74

Multiple Choice

In countries that have high minimum wages and require a lengthy and costly process to get permission to open a business

• A)Reducing either the minimum wage or the time and cost to open a business would have no effect on the long-run aggregate supply curve.
• B)Reducing the minimum wage and the time and cost to open a business would both shift the long-run aggregate supply curve to the right.
• C)Reducing the minimum wage would shift long-run aggregate supply to the right.Reducing the time and cost to open a business would have no affect on the long-run aggregate supply curve.
• D)Reducing the minimum wage would have no affect on the long-run aggregate supply curve.Reducing the time and cost to open a business would shift the long-run aggregate supply curve to the right.

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Definitions:

Judicial System

The system of courts that interprets and applies the law in the name of the state or country.

Appeals

The process of asking a higher authority or court to review and change the outcome of a decision.

Dominance Structuring

The psychological process through which humans achieve confidence in their decisions. The four phases of dominance structuring are pre-editing, identifying one promising option, testing that promising option for dominance, and structuring the dominance of the option selected.

Psychological Process

Pertains to the cognitive, emotional, and behavioral functions and activities of the mind.