The equilibrium wage in a local labor market is 6 per hour If a minimum wage of

The equilibrium wage in a local labor market is 6 per

This preview shows page 2 - 4 out of 4 pages.

68) The equilibrium wage in a local labor market is $6 per hour. If a minimum wage of $8 per hour isimposed, which of the following will occur?A) There will be an increase in unemployment.B) There will be a decrease in the quantity of labor supplied by households.C) There will be an increase in the quantity of labor demanded by firms.D) All of the above will occur.Answer: A68)Diff: 3Page Ref: 655-656/281-282Topic: Government PoliciesLearning Outcome: Macro 14: Identify different types and measures of unemployment and discuss its causesAACSB: Reflective Thinking17
Background image
Figure 20-169)Refer to Figure 20-1.Based on the graph of the labor market above, if a minimum wage of $8 perhour is imposed, which of the following will result?69)Diff: 2Page Ref: 655-656/281-282Topic: Government PoliciesLearning Outcome: Macro 14: Identify different types and measures of unemployment and discuss its causesAACSB: Analytic Skills70)Refer to Figure 20-1.Based on the graph of the labor market above, if a minimum wage is set at $5per hour, which of the following will occur?70)Diff: 2Page Ref: 655-656/281-282Topic: Government PoliciesLearning Outcome: Macro 14: Identify different types and measures of unemployment and discuss its causesAACSB: Analytic Skills71) Labor unions cause unemployment because the union contract wage is set71)Diff: 2Page Ref: 656/282Topic: Labor UnionsLearning Outcome: Macro 14: Identify different types and measures of unemployment and discuss its causesAACSB: Reflective Thinking18
Background image
TRUE/FALSE. WriteʹTʹif the statement is true andʹFʹif the statement is false.
Background image

You've reached the end of your free preview.

Want to read all 4 pages?

  • Three '11
  • various
  • Unemployment, Prime number, AACSB, Page Ref, Nontotient

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

Stuck? We have tutors online 24/7 who can help you get unstuck.
A+ icon
Ask Expert Tutors You can ask You can ask You can ask (will expire )
Answers in as fast as 15 minutes