Category: Economics

➤ How does a binding minimum wage affect employment and surplus?
A binding minimum wage above equilibrium raises wages but can reduce hours and hiring. Employers demand less labor, creating a surplus of labor measured as unemployment. Some workers benefit from higher pay while others lose jobs or accept fewer hours. Effects vary with labor demand elasticity, skills, and enforcement in local markets.

➤ How can I distinguish a macro question from a micro one?
Look at the scale and the variables involved. Macroeconomics uses aggregate indicators like GDP, CPI, national unemployment rate, and fiscal or monetary policy. Microeconomics examines firms, consumers, prices in single markets, or individual labor decisions. If it asks about country-level totals or policy affecting the entire economy, it is macro.

➤ How does price elasticity affect total revenue?
Price elasticity of demand determines whether a price change raises or lowers total revenue. If demand is elastic (elasticity >1), raising price reduces total revenue. If demand is inelastic (<1), raising price increases total revenue. At unit elasticity (equal to 1), small price changes leave total revenue roughly unchanged.

Question 1
The role of the U.S. Federal Reserve is:
To implement the U.S. Fiscal Policy
To only controls the interest rates
To only control the money supply
To implement the U.S. Monetary Policy

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