Quiz 3.7 - Exit Menu Quiz 3-7 Your response has been...

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Sheet1 Page 1 Exit Menu Quiz 3-7 Your response has been submitted successfully. Points Awarded 15 Points Missed 0 Percentage 100% 1.A rise in the minimum wage will tend to _________ the quantity demanded of labor and __________ the quantity supplied o 1 A.decrease B.increase C.decrease D.increase Right Points Earned:1/1 Correct Answer:A Your Response:A 2.Which of the following statements is NOT a valid argument that critics might use against the minimum wage? 2 A.A minimum wage will result in increased unemployment. B.Small business owners will be hurt by the additional labor cost imposed by the minimum wage. C.Unskilled workers will end up suffering more than skilled workers if a minimum wage is enacted. D.Because the minimum wage prevents businesses from substituting capital for labor, total output will fall. Right Points Earned:1/1 Correct Answer:D Your Response:D 3.According to Steven Tomlinson, which group of people is most likely to lose jobs when a minimum wage law is passed? 3 A.poor minorities B.upper middle-class whites who own businesses C.middle-class teenagers D.primarily union workers Right Points Earned:1/1 Correct Answer:C Your Response:C 4.Which of the following statements about unions is NOT true? 4 A.Unions have a right to form by law.
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This test prep was uploaded on 04/07/2008 for the course ECONOMICS 101 taught by Professor Wilhour during the Spring '08 term at Parkland.

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Quiz 3.7 - Exit Menu Quiz 3-7 Your response has been...

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