vi What is a minimum wage? Explain why it may fail to help the poor households in an economy.

47. What will happen to employment if the government sets a minimum wage at $140?     (a) Employment will decrease to 15.     (b) Employment will increase to 25.     (c) It will have no impact on employment     (d) None of the above

If the population of the United States sudd enly grewbecause of a large wave of immigration, what wouldhappen to wages? What would ha ppen to the rentsearned by the owners of land and capital?

1. In a free market for labor the wage rate is determined by essentially Supply and Demand, the [Select] ["employers"", "employee's", "government's mandated"] willingness to pay for a job and the [ Select ] ["Employers", "Employees"", "government's recommending a"] willingness to do a job at the given. rate. 2. In a Market The wage rate an employer is willing to offer is determined by [ Select ] ["The amount the employee deserves", "The Union contract", "Minimum Wage", "value the employee produces for their employer"]. Thus when the employee desires a higher wage he must [ Select ] ["Increase his Marginal Product of Labor/productivity", "demand more money", "Vote for a union contract"]

Over the last half century, there has been a significant change in the number of current workers per retired person who qualifies for Social Security. How has the ratio changed? It has increased. It has decreased. OIt has changed, but, due to data issues, no knows for sure whether it increased or decreased. It has increased but by less than 10 percent. It has gone up and down, and the differences have cancelled out.

1. What is one advantage and one disadvantage of increasing the minimum wage? 2. What is the impact on an average small business if the minimum wage is increased? 3. Do you agree or disagree with the comparable wort advocates' perspective on the gender wage gap? 4. Should companies make their pay systems entirely transparent? Why or Why not?

d. Explain how a 10% wage tax would a§ect the way in which the Örm chooses to produce any given amount of output

4. A rise of the minimum wage is least likely to diminish welfare if:A. the minimum wage is close to the median wageB. unskilled labor is relatively abundantC. firms can easily alter the workforce compositionD. the demand for labor is inelastic, i.e. does not change much with the wage

Dont use Chat GPT

Asthebabyboomergenerationretires,whatshould happen to wages and employment? Can you show this graphically?