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Question: The following article appeared on the front page of the Wall Street Journal on April 17, 1998: The public, by 79% to 17%, favors raising the minimum hourly wage by $1 to $6.15. But Princeton economist Alan Krueger, whose research helped win a rise in 1996, is ‘‘less confident'' another boost so soon ‘‘will have as benign consequences'' on jobs as the last one seemed to have.
(A) What research did Krueger use to ‘‘help win'' a rise in the minimum wage in 1996? What did his results show?
(B) What were the ‘‘benign consequences'' of the previous minimum wage hike?
(C) Assuming that Krueger is correct, why is he ‘‘less confident'' that a further boost in the minimum wage would have no adverse effects?
We know that a change in the price of a product causes a movement along the demand curve. Suppose consumers believe that prices will be rising in the future.
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Suppose that Zerbia is currently producing at point D on this PPF. What is the opportunity cost for Zerbia of producing one additional unit of consumer goods? In your answer make sure you provide a numeric value as well as the units of measurement..
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You need a government permit (allotment) to grow tobacco. Who gains or loses from such regulation?
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