Answer to Question #178657 in Macroeconomics for James

Question

QUESTION 16

Only about 1% of U.S. workers are paid minimum wage.

1. The rest are paid less.
2. A small minority is paid higher wages.
3. The vast majority has its wages determined by the market.
4. It has no impact on our society.
5. It is the primary factor influencing our economy.

QUESTION 17

If the minimum wage lies slightly below the equilibrium wage rate:

1. It will determine the market outcome.
2. It is nonbinding.
3. It will hold the price below market wage rate.
4. It will ensure that the market price never rises above the minimum wage rate.
5. It will cause Armageddon!

QUESTION 18

Those who agree on how an economic policy affects quantity demanded and quantity supplied:

1. May still disagree about whether the policy is a good idea.
2. Must disagree about whether a policy is a good idea.
3. Can predict the future with perfect accuracy.
4. Still cannot predict the future with any kind of certainty.
5. Are being misled.

Answer 1

16.The vast majority has its wages determined by the market.

17.It will ensure that the market price never rises above the minimum wage rate.

18.Still cannot predict the future with any kind of certainty.