LABOR ECONOMICS
8th Edition
ISBN: 9781260004724
Author: BORJAS
Publisher: RENT MCG
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Chapter 3, Problem 14P
(a)
To determine
Explain the reason for living wages distinguish between workers based on their health insurance.
(b)
To determine
Identify and explain the workers that are in covered and uncovered sector.
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Raising the minimum wage has become a national, state, and municipal focus in recent years. The increasing disparity in income and perceived opportunity for low-income wage earners has become a significant issue for our leaders and policy makers.
For this assignment conduct research on the internet for credible presentations by economists who favor increasing the minimum wage and, from those who oppose an increase to the minimum wage. Refer to your text for information (labor markets, price floors for example) that help to clarify and define the issue.Take and defend a position:
The Federal Minimum Wage should be increased to $? an hour because of___________, _________. and _____________.
or
The Federal Minimum Wage should not be increased because of___________, _________and _____________.
Refer to the attached video for necessary elements to write a strong and well defended opinion that supports your thesis.
Companies don’t have to but many a times do pay higher than minimum wages? Explain each briefly. Which (one or both) of these instances of paying above minimum wage to its employees do you think is a smart decision on part of the company and why? Who gains from these decisions and who loses?
In regards to minimum wage, should there be a national standard or should minimum wage be regulated by the state?
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- 3-4 paragraphs Support a higher minimum wage. Analyze the challenges that this will be for households, firms, and the government depending on the side that is chosenarrow_forwardWhat other information might the government find useful in assessingthe minimum wage given its goals?arrow_forwardWho does federal minimum wage help and who does it harm? Does raising the current level of the minimum wage increase unemployment, drive business away, or harm the very poor? Will a higher minimum wage raise the standard of living and buying power of the wage earners?arrow_forward
- What are the main costs and benefits of increasing the minimum wage?arrow_forwardWhy we should know about the issue of the impact of the minimum wage of the labor market?arrow_forward25. Which of the following statements is correct? a. A disadvantage of a minimum-wage law is that it may benefit unskilled workers who are low income workers. b. A disadvantage of a negative income tax program is that a poor person who chooses not to work many hours would not receive a cash benefit. c. There are no disadvantages to minimum-wage laws, negative income taxes, or the Earned Income Tax Credit (EITC). d. A disadvantage of an Earned Income Tax Credit (EITC) is that a person who is unable to work due to a disability does not benefit from the program.arrow_forward
- What is a minimum wage? Explain why it may fail to help the poor households in an economy.arrow_forwardSome economists argue that minimum wage policy does not always lead to the unemployment consequences that are so often predicted. For the sake of argument, grant that this is true. That is, due to the passage of say, a $15 minimum wage in Virginia, no one loses his or her job. Does this prove that minimum wage policy can improve the economic circumstances of unskilled laborers? Why or why not?arrow_forward1. 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?arrow_forward
- How do mandated benefits affect labor market outcomes? Why do these outcomes differ from those resulting from a payroll tax? What is the deadweight loss arising from mandated benefits?arrow_forwardGive typing answer with explanation and conclusion what does the effectiveness of minimum wage depend on?arrow_forward3. Would you support the minimum wage law? Would this help or hurt the workers? Defend youranswer.arrow_forward
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