The job market for which group always seems to have higher unemployment than the labor force as a whole? Why?
What will be an ideal response?
The job market for teenagers seems to have higher unemployment than the labor force as a whole. Teenagers generally have not completed their educations and have little job experience, so their marginal revenue products tend to be relatively low. Economists argue that minimum wage laws that prevent teenagers from accepting wages commensurate with their low marginal revenue products is the main cause of high teenage unemployment. The reasoning is that legally imposed high wages make it too expensive to hire teenagers with relatively low marginal productivity.
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Lincoln Electric paid employees on the basis of
A) deferred compensation. B) backloaded wages. C) a piece rate. D) forward loaded wages.
The only major disadvantage of paper money is that it is hard to divide into smaller denominations
a. True b. False Indicate whether the statement is true or false
If each player responds by imitating the action of his opponent in the previous round of a repeating game, the players are following a:
A. commitment strategy. B. collusion plan. C. repeated cooperation agreement. D. tit-for-tat strategy.
If the government wants to raise tax revenue and shift most of the tax burden to the consumers, it would impose a tax on a good with a
a. flat (elastic) demand curve and a steep (inelastic) supply curve. b. steep (inelastic) demand curve and a flat (elastic) supply curve. c. steep (inelastic) demand curve and steep (inelastic) demand curve. d. flat (elastic) demand curve and a flat (elastic) supply curve.