Figure 4-16
Refer to . Some policymakers have argued that the government should establish a "living wage." A living wage would provide workers a reasonable standard of living in their city or region. If a living wage of $10 per hour is established in the market pictured here, we would expect
a.
employment will increase to 14 million.
b.
employment will decrease to 8 million.
c.
the wage will actually rise to $20 per hour.
d.
there will be a surplus of 14 million workers.
b
You might also like to view...
Consider two scenarios for a nation's economic growth. Scenario A has real GDP growing at an average annual rate of 2%; scenario B has an average annual growth of 8%. The nation's real GDP would double in about
A. 36 years under scenario A, versus 18 years under scenario B. B. 18 years under scenario A, versus 9 years under scenario B. C. 36 years under scenario A, versus 9 years under scenario B. D. 25 years under scenario A, versus 12.5 years under scenario B.
Carol is a coal miner who just got laid off when the last coal mine in the area was shut down. She has looked everywhere for another job as a miner, but cannot find one. Given that Carol is unlikely to find another job as a miner, she would be considered:
A. frictionally unemployed. B. structurally unemployed. C. real-wage unemployed. D. Carol is a discouraged worker.
Which of the following pairs best represents substitute goods?
a. hamburgers and hamburger rolls b. hot dogs and hot dog rolls c. veggie burgers and hamburger rolls d. hot dogs and hamburger rolls e. hamburgers and hot dogs
If a demand curve is perfectly inelastic then:
(a) The elasticity coefficient is equal to infinity; (b) The demand curve for the good is vertical; (c) The elasticity coefficient is equal to zero; (d) Both (b) and (c) above are correct.