Some Countries Have High Minimum Wages and Require a Lengthy

question 256

Multiple Choice

Some countries 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:

Genetic Expression

The process by which information from a gene is used to synthesize functional gene products, such as proteins, which can influence an organism's traits.

Transcription

The complex chain of cellular processes that involves translating the code specified by a gene into the production of a protein. This series of biochemical events ultimately accounts for genetic expression or influence.

Translation

One step in a cell’s production of a protein, in which the cell “reads” the code represented in a strand of mRNA and creates a protoprotein based on that code.

Prenatal Development

The process of growth and development within the womb from conception until birth.