1)The government sets a minimum wage above the current equilibrium wage

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1)The government sets a minimum wage above the current equilibrium wage.

a. What effect does the minimum wage have on the market equilibrium?

b. What are its effects on consumer surplus, producer surplus, and total surplus?

c. Who are the customers and who are the producers?

2)The main goal of macroeconomic policy is to:

a. Continue to increase GDP growth.

b. Move the economy toward potential GDP.

c. Balance the federal budget.

d. Expand the trade surplus.

3)What is the difference between "the law of one price" and "PPP?"