Illustrate and explain the impact of a minimum wage on the labour market. Period Minimum Wage Rate Unemployment Rate Inflation Rate Economic Growth Labour Force Participation 2019 - 2020 $17.50 2.8% 0.5% 2.8% 59.8% 2014 – 2018 $15.00 2.71% 3.5% 2.71% 62.6% 2010 - 2013 $12.50 2.21% 2.1% 2.21% 61.7% 2. By examining these variables (unemployment rate, inflation rate and economic growth rate) across the years, determine whether the increased minimum wage had the expected impact from part a?
Illustrate and explain the impact of a minimum wage on the labour market. Period Minimum Wage Rate Unemployment Rate Inflation Rate Economic Growth Labour Force Participation 2019 - 2020 $17.50 2.8% 0.5% 2.8% 59.8% 2014 – 2018 $15.00 2.71% 3.5% 2.71% 62.6% 2010 - 2013 $12.50 2.21% 2.1% 2.21% 61.7% 2. By examining these variables (unemployment rate, inflation rate and economic growth rate) across the years, determine whether the increased minimum wage had the expected impact from part a?
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter21: Unemployment
Section: Chapter Questions
Problem 43CTQ: Is it desirable to eliminate natural unemployment? Why or why not? Hint: Think about what our...
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1. Illustrate and explain the impact of a minimum wage on the labour market.
|
Period |
Minimum Wage Rate |
|
Inflation Rate |
|
Labour Force Participation |
|
2019 - 2020 |
$17.50 |
2.8% |
0.5% |
2.8% |
59.8% |
|
2014 – 2018 |
$15.00 |
2.71% |
3.5% |
2.71% |
62.6% |
|
2010 - 2013 |
$12.50 |
2.21% |
2.1% |
2.21% |
61.7% |
2. By examining these variables (unemployment rate, inflation rate and economic growth rate) across the years, determine whether the increased minimum wage had the expected impact from part a?
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