D the average level of wages in the economy is

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D. the average level of wages in the economy is considerably higher than the minimum wage. AACSB: Reflective Thinking Skills Blooms: Knowledge Learning Objective: 13-4 McConnell - Chapter 13 #131 Topic: Minimum wage 132. If the minimum wage is set too high, in some labor markets we can expect to see: A. a shortage of labor. B. an increase in on-the-job training. C. a surplus of labor. D. a decline in wage costs. AACSB: Reflective Thinking Skills Blooms: Analysis Learning Objective: 13-4 McConnell - Chapter 13 #132 Topic: Minimum wage 133. Increases in the Federal minimum wage during the 1990s: A. reduced the demand for workers who were earning more than the minimum wage. B. demonstrated that the demand for teenage labor is highly elastic. C. produced smaller decreases in teenage employment than did previous minimum wage hikes. D. helped reduce poverty substantially in the United States. AACSB: Reflective Thinking Skills Blooms: Knowledge Learning Objective: 13-4 McConnell - Chapter 13 #133 Topic: Minimum wage 134. According to some supporters of the minimum wage, it has very small or even nonexistent negative employment effects because: A. the demand for minimum wage labor is highly elastic. B . it reduces turnover among minimum wage workers, prompts employers to use them more efficiently, and thus raises their average productivity. C. it encourages teenagers to stay in school. D. employers substitute lower fringe benefits for higher pay, keeping their compensation costs the same. AACSB: Reflective Thinking Skills Blooms: Knowledge Learning Objective: 13-4 McConnell - Chapter 13 #134 Topic: Minimum wage
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135. Wage differentials can arise from: A. both the demand-side and supply-side of labor markets. B. the demand-side of labor markets only. C. the supply-side of labor markets only. D. neither the demand-side or supply-side of labor markets. AACSB: Reflective Thinking Skills Blooms: Understanding Learning Objective: 13-5 McConnell - Chapter 13 #135 Topic: Wage differentials; human capital 136. If all workers are homogeneous, all jobs are equally attractive to workers, and labor markets are perfectly competitive: A. compensating differences would cause wage differentials. B. noncompeting groups of workers would result in wage differentials. C. all workers would receive the same wage rate. D. worker mobility would occur such that wage differentials would widen. AACSB: Reflective Thinking Skills Blooms: Analysis Learning Objective: 13-5 McConnell - Chapter 13 #136 Topic: Wage differentials; human capital 137. Wage differentials may result from all the following except : A. differences in the nonmonetary aspects of various occupations. B. differences in the education and skills of workers.
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D the average level of wages in the economy is considerably...

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