What would increasing the minimum wage to $15/hours do to economic equity?

it would create an overall fairer, livable wage

Which of the following is a benefit of economic growth?

The standard of living improves

What would increasing the minimum wage to $15/hours do to economic stability?

for 7 million employed it will create more stability, for 1.3 million less

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Economics Basics

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Questions 10

Answers

1
PPF graphs only show two productions because countries can only produce two items at a time.
False
True
2
Which goal is focused on creating an ability to plan for the future?
Economic Security
Economic Freedom
Economic Stability
Economic Growth
3
Which of the following is a benefit of economic freedom?
Economic fairness increases
The economy becomes more predictable; can make plans
Economic choices increase
The standard of living improves
4
What happens to a production possibilities curve when resources increase?
The curve becomes a straight line
The curve shifts to the left
The curve shifts to the right
The curve does not change
5
What would increasing the minimum wage to $15/hours do to economic equity?
it would not impact economic equity at all
it would create unfairness in the housing market
it would create an overall fairer, livable wage
it would create an overall unfair advantage for a few
6
In P.A.C.E.D decision making, what does the C stand for?
Correct
Credit
Credability
Criteria
7
Limited quantities of resources to meet unlimited wants
scarcity
trade off
limited goods
shortage
8
Which of the following is a benefit of economic growth?
The economy becomes more predictable; can make plans
The standard of living improves
Environmental protection efforts increase
Economic fairness is increased
9
Most desirable alternative given-up in all of the alternatives given up in the decision-making process
trade off
scarcity
opportunity cost
thinking at the margin
10
What would increasing the minimum wage to $15/hours do to economic stability?
create absolutely no economic stability for everyone currently employed
create more economic stability for everyone currently employed
it won't change economic stability at all
for 7 million employed it will create more stability, for 1.3 million less

Economics Basics Flashcards | StudBud