9. The real minimum wage was at its all-time high A) shortly after the increase
ID: 1112134 • Letter: 9
Question
9. The real minimum wage was at its all-time high A) shortly after the increase in 1992 B) shortly after the increase in 1968. C) shortly after the increase in 1980 D) at its inception in the 1930's. 10. For the minimum wage to be relevant it must be A) above the equilibrium wage. B) below the equilibrium wage C) at the equilibrium wage. D) slightly below the equilibrium wage. 11. The form of capital through whicheducation increases productivity is A) physical capital. B) human capital. C) human principal. D) brain capital. 12. In determining whethera further investment in education for a individual is worth the costs, an economist would look at whether the sum of the A) annual education costs is exceeded by the sum of annual income to the person. B) annual education costs is exceeded by the sum of the increases in income that are C) present value of the annual education costs is exceeded by the sum of the present value of the annual income to the person D) present value of the annual education costs is exceeded by the sum of the present value of the increases in income that are attributable to the increased education. 13. Though there is no tuition say that it is free because A) parents have to buy pencils and paper B) taxpayers pick up the tab for considerable costs of education. C) parents have to help their kids learn. D) teachers do not love to teach bad students. topublic elementary and secondary schools, economists do not 14. The economic argument thatitis in societvsExplanation / Answer
10. A) above the equilibrium wage.
Minimum wage is always set above the equilibrium wage by the government. It is set above to save workers.
11. B) Human capital
Education increases skill of persons. Skill of person come under human capital
12. D) present value of the annual education costs is exceeded by the sum of the present value of the increases in income that are attributable to the increased education.
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