Minimum-Wage Laws Are Least Likely to Affect the Wages Paid

question 12

Multiple Choice

Minimum-wage laws are least likely to affect the wages paid to

• A)teenagers.
• B)low-skill workers.
• C)inexperienced workers.
• D)highly-educated workers.

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Definitions:

Real GDP

The measure of a country's gross domestic product adjusted for inflation, reflecting the real value of goods and services produced.

Marginal Propensity

The ratio of change in consumption to the change in income, indicating how much of additional income will be spent or saved.

Discretionary Expansionary

Refers to fiscal or monetary policy actions initiated by a government or central bank to stimulate economic growth.

National Saving

The total amount of savings generated within a country, equal to the sum of private and public savings, often used for investment.