Which of the following is not a consequence of minimum wage laws?
A) Employers will be reluctant to offer low-skilled workers jobs with training.
B) Some workers benefit when the minimum wage is increased.
C) Producers have an incentive to offer workers non-wage benefits such as health care benefits and convenient working hours rather than a higher wage.
D) Low-skilled workers are hurt because minimum wage reduces the number of jobs providing low-skilled workers with training.
C
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According to the text, which of the following consequences could we predict most confidently if the federal government was effectively required, by a constitutional amendment,
to match expenditures and tax revenues (balance the budget) in each fiscal year? A) An end to discretionary fiscal policy B) An end to efforts to manipulate the economy for partisan political purposes C) Frequent and sudden changes in previously legislated tax rates and expenditure commitments D) Less unemployment but more inflation
Because of a decrease in labor costs, a monopoly finds that its marginal cost and average total cost have decreased. The monopoly ________ its price and ________ its quantity
A) raises; increases B) raises; decreases C) lowers; increases D) lowers; decreases
The effects of an increase in real money demand on an economy
A) is an argument against flexible exchange rates. B) is an argument in favor of flexible exchange rates. C) shows the difficulties in determining which exchange rate regime is better. D) is an argument in favor of flexible exchange rates only in the short run. E) is an argument against flexible exchange rates only in the short run.
Refer to Figure 11.1. Assume the economy is in equilibrium at 1 = 0. Other things equal, an unexpected large increase in the price of oil will result in a movement from point ________ to point ________
A) A; B B) B; A C) A; C D) A; D