A binding minimum wage a. affects employees but not employers. b. lowers the productivity of workers....
A binding minimum wage a. affects employees but not employers. b. lowers the productivity of workers. c. raises the cost of labor to firms. d. All of the above are correct
Homework Answers
Answer is option C)
b is false, as binding Minimum wage benefits the labor , so their Productivity rises
A is false, bcoz cost to hire labor rises,
Bcoz Wage paid is above the market eqm level, thats why it's binding Minimum wage
So both employee & employer gets affected
Add Answer to:
A binding minimum wage a. affects employees but not employers.
b. lowers the productivity of workers....
Question 40 Liberalism is the political philosophy espoused by a. Robert Nozick. b. John Rawls. c. John Stuart Mill. d. Jeremy Bentham. Question 41 A binding minimu...
Question 40 Liberalism is the political philosophy espoused by a. Robert Nozick. b. John Rawls. c. John Stuart Mill. d. Jeremy Bentham. Question 41 A binding minimum wage a. affects employees but not employers. b. lowers the productivity of workers. c. raises the cost of labor to firms. d. All of the above are correct. Question 42 Economists who support minimum-wage legislation are likely to believe that the a. supply of unskilled labor is relatively inelastic. b. demand for unskilled...
11. Minimum wage legislation requires most firms to pay workers no less than the legislated minimum...
11. Minimum wage legislation requires most firms to pay workers no less than the legislated minimum wage per hour. Using marginal productivity theory, theory explain how a change in the minimum wage affects plain how a change in the mi the employment of unskilled labor.
The imposition of a binding (effective) minimum wage above the equilibrium wage in the unskilled labor...
The imposition of a binding (effective) minimum wage above the equilibrium wage in the unskilled labor market will (x) reduce the number of unskilled persons employed because of a decrease in the quantity supplied of labor (y) increase the unemployment rate because of a decrease in the quantity demanded of labor (z) reduce employment of unskilled persons because of a decrease in the quantity demanded of labor. A. (x), (y) and (z) B. (x) and (y) only C. (x) and...
Show how a binding minimum wage affects the labor market. Make sure to show the “surplus”...
Show how a binding minimum wage affects the labor market. Make sure to show the “surplus” of labor on your graph.
The earned-income tax credit ______________ the marginal wage for eligible workers that are entering the labor...
The earned-income tax credit ______________ the marginal wage for eligible workers that are entering the labor force. A. sometimes raises and sometimes lowers B. lowers C. has no effect on D. raises
1. Labor market equilibrium is best characterized by: A. A wage at which all people have...
1. Labor market equilibrium is best characterized by: A. A wage at which all people have a job. B. A wage at which all workers are above the poverty level. C. A wage at which the number of people willing to work equals the number of workers firms are willing to hire. D. A minimum wage at which everyone is willing to work. E. All workers receiving their ideal wage. 2. Which of the following affects a person's decision to...
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...
Help Save & Exit Submit Assume that the government imposes a binding minimum wage. Holding labor...
Help Save & Exit Submit Assume that the government imposes a binding minimum wage. Holding labor supply constant, what would have to happen in order for all workers in the market to find a job at the minimum wage? Multiple Choice There would have to be a decrease in the demand for output There would have to be a huge federal budget deficit The demand for labor would have to increase sufficiently. The stock market would have to rise.
1. Consider a low-wage labor market. Workers in this market are not presently covered by the...
1. Consider a low-wage labor market. Workers in this market are not presently covered by the minimum wage. But the government is still considering implementing such legislation. If implemented, this law would require employers in the market to pay workers a $5 hourly wage. Suppose all workers in the market are equally productive, the current market clearing wage is $4 per hour., and that at this market- clearing wage there are 600 employed workers. Further suppose that under the minimum...
11. Minimum wage legislation requires most firms to pay workers no less than the legislated minimum wage per hour. Using marginal productivity theory, theory explain how a change in the minimum wage affects plain how a change in the mi the employment of unskilled labor.
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...
Help Save & Exit Submit Assume that the government imposes a binding minimum wage. Holding labor supply constant, what would have to happen in order for all workers in the market to find a job at the minimum wage? Multiple Choice There would have to be a decrease in the demand for output There would have to be a huge federal budget deficit The demand for labor would have to increase sufficiently. The stock market would have to rise.
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