The imposition of a minimum wage tends to a. create deadweight loss. O b.cause unemployment. O C. have the greatest impact in the market for teenage employment. O d. all of the above are correct.
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- Assume that the supply of law-skilled worker is fairly elastic, but the employers demand for such workers is fairly inelastic. If the policy goal is to expand employment for low-skilled workers, is it better to focus on policy tools to shift the supply of unskilled labor or on tools to shift the demand for unskilled labor? What if the policy goal is to raise wages for this group? Explain your answer with supply and demand diagrams.What is the formula for the wage elasticity of labor supply?Whether the product market or the labor market, what happens to line equilibrium price and quantity for each of the four possibilities: increase in demand, decrease in demand, increase in supply; and decrease in supply.
- Predict how each of the following economic changes will affect the equilibrium price and quantity in the financial market for home loans. Sketch a demand and supply diagram to support your answers. The number of people at the most common ages for home-buying increases. People gain confidence that the economy is growing and that their jobs are secure. Banks that have made home loans find that a larger number of people than they expected are not repaying these loans. Because of a threat of a war, people become uncertain about their economic future. The overall level of saving, in the economy diminishes. The federal government changes its bank regulations in a way that makes it cheaper and easier for banks to make home loans.Must government policy decisions have winners and losers? What are the effects of raising the minimum wage? It is more complex than simply producers lose and workers gain. Who are the winners and who are the lasers, and what exactly do they win and lose? To what extent does the policy change achieve its goals?Why are the factors that shift the demand for a product different from the factors that shift the demand for labor? Why are the factors that shift the supply of a product different from those that shift the supply of labor?
- Read the news clip, then answer the following questions. If the new minimum wage of $15.00 an hour is enforced and the maximum amount of job search takes place, then the higher minimum wage workers' surplus and firms' surplus. OA. increases; decreases OB. decreases; decreases OC. increases; increases OD. decreases; increases The $15 wage fairness to our economy. does not bring brings New York "Raising and bring been force Between gradually of the stateAn increase in the minimum wage will tend to cause which of the following to occur? Select one: a. an increase in the size of the surplus of labor b. a rightward shift in the supply of labor O c. a leftward shift in the demand for labor O d. a reduction in the unemployment rateThe graph shows a market for labor. Draw a line that illustrates a minimum wage that creates unemployment of 3 million hours a year. Label it. A minimum wage is a OA. quantity ceiling OB. price ceiling OC. quantity floor OD. price floor () applied to labor markets. Selected: Line tool 6.00- 5.50 5.00 4.50- 4.00- 3.50- 3.00- 2.50- 2.00- 1.50- 1.00- 0.50 0.00 Wage rate (dollars per hour) 20.0 21.0 22.0 23.0 24.0 25.0 26.0 Quantity (millions of hours per year) >>> Draw only the objects specified in the question. Delete Clear D ? & SU Next