Homework Answers
When the quantity supply of labor is more than the quantity demand for the labor then the minimum wages is above the equilibrium level and that will lead to higher unemployment in the market. The answer is "C".
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When Qs(L) > Qd(L), which of the following is true? O minimum wage is set below...
Which of the following statements is true? The lowest of the federal or state minimum wage...
Which of the following statements is true? The lowest of the federal or state minimum wage levels prevails in each state. The minimum wage has the greatest impact on the skilled labor market. The minimum wage has the greatest impact on the unskilled labor market. The intention of a minimum wage is to raise the wage rate for the skilled workers. The federal minimum wage, in the United States, is followed by all the states as their minimum wage. Hydraulic...
4. Which of the following statements about minimum wages is true? a) Minimum wage laws may make some workers bet...
4. Which of the following statements about minimum wages is true? a) Minimum wage laws may make some workers better off and others worse off. b) Minimum wage laws make employers worse off. c) Both a) and b) are true. d) None of the above are true. 5. Consider diagram below, which illustrates the market for low-skilled labour. Suppose that the equilibrium quantity is reduced from Q1 to Q2 units, through the introduction of a price floor. Which of the...
5. According to the information we examined regarding minimum wages in theu following statements is true?...
5. According to the information we examined regarding minimum wages in theu following statements is true? s, which of the a. All states in the U.S. currently use the same minimum wage rate b. The majority of workers that earn at or near the minimum wage in the US. are under 20 years of age The value of the minimum wage, relative to the average wage in the economy, has generally declined over the last 50 years The minimum wage...
12. A market is said to be in equilibrium when: A Quantity demanded equals quantity supplied...
12. A market is said to be in equilibrium when: A Quantity demanded equals quantity supplied B. Production costs equal revenues from sale of the output C. The number of sellers equals the number of buyers D. People's needs are fully met 13. At the equilibrium prices: A. There are shortages but no surpluses B. There are surpluses but no shortages C. The economic problem of scarcity is no longer relevant D. There are no shortages or surpluses 14. An...
4. Which of the following statements about minimum wages is true? a) Minimum wage laws may make some workers better off and others worse off. b) Minimum wage laws make employers worse off. c) Both a) and b) are true. d) None of the above are true. 5. Consider diagram below, which illustrates the market for low-skilled labour. Suppose that the equilibrium quantity is reduced from Q1 to Q2 units, through the introduction of a price floor. Which of the...
5. According to the information we examined regarding minimum wages in theu following statements is true? s, which of the a. All states in the U.S. currently use the same minimum wage rate b. The majority of workers that earn at or near the minimum wage in the US. are under 20 years of age The value of the minimum wage, relative to the average wage in the economy, has generally declined over the last 50 years The minimum wage...
12. A market is said to be in equilibrium when: A Quantity demanded equals quantity supplied B. Production costs equal revenues from sale of the output C. The number of sellers equals the number of buyers D. People's needs are fully met 13. At the equilibrium prices: A. There are shortages but no surpluses B. There are surpluses but no shortages C. The economic problem of scarcity is no longer relevant D. There are no shortages or surpluses 14. An...
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