Consider the accompanying figure representing the labor market below. Suppose the government passes a minimum wage requiring employers to pay at least $8.00 per hour.
Employment will fall by ________ person-hours per day as a result of the minimum wage.
A. 4,000
B. 2,000
C. 6,000
D. 8,000
Answer: A
You might also like to view...
The establishment of well-defined property rights increases:
A. the unemployment rate. B. the amount of pollution. C. average labor productivity. D. the labor force participation rate.
The recession that became the Great Depression began
A) two months prior to the stock market crash of 1929. B) with the stock market crash of 1929. C) one year after the stock market crash of 1929. D) with the banking panics of the early 1930s.
Which of the following statements best describes possibilities for trade?
a. Many larger national economies around the world, in regions like North America and Western Europe, have much more limited possibilities for trade inside their countries or their immediate regions. b. Many smaller national economies around the world, in regions like Latin America, Africa, the Middle East, and Asia, have much more limited possibilities for trade inside their countries or their immediate regions. c. Many medium national economies around the world, in regions like Latin America, Africa, the Middle East, and Asia, have much more limited possibilities for trade inside their countries or their immediate regions. d. Many smaller national economies around the world, in regions like Eastern Europe, have much more limited possibilities for trade inside their countries or their immediate regions.
An increase in marginal tax rates will
What will be an ideal response?