(Figure: Labor Market) Refer to the figure. What is the unemployment rate in this market as a result of the implementation of a $10 minimum wage?
What will be an ideal response?
50%
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After Jason lost his job five years ago, he could not find another job. Unable to provide for his family, Jason suffered from severe stress-related diseases. Jason's unemployment resulted in _____
a. a loss of lifetime earnings b. a loss of human capital c. the deterioration of health d. a loss of social cohesion
When the supply curve shifts to the left and there is no change in demand:
A. the market cannot reestablish an equilibrium. B. the equilibrium quantity will rise. C. the equilibrium price will fall. D. the equilibrium price will rise.
You cause an automobile liability insurance company to face a moral hazard problem when you take ________ driving precautions ________ you buy automobile liability insurance from the company.
A. fewer; before B. fewer; after C. more; after D. the same; before and after
If the unemployment rate is 7% and the number of people employed is 300,000, total number of people unemployed is approximately
A. 21,000 people. B. 22,580 people. C. 23,330 people. D. 42,050 people.