How has the real federal minimum wage rate changed? The real federal minimum wage rate _____. A. was higher in 2009 than it was in 1968 B. was lower in 2009 than it was in 1968 C. increases every year. D. decreases every year
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How has the real federal minimum wage rate changed? The real federal minimum wage rate _____.
A. was higher in 2009 than it was in 1968
B. was lower in 2009 than it was in 1968
C. increases every year.
D. decreases every year
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Solved in 2 steps
- An increase in an effective federal minimum wage would tend to cause O A. a decrease in wage rates and an increase in employment O B. an increase in wage rates and employment OC.a decrease in wage rates and employment D. an increase in wage rates and a decrease in employmentThe figure shows the labour market when an income tax is imposed. The tax wedge is 000 A. $15 an hour B. 50 billion hours OC. $10 an hour OD. $5 an hour. Click to select your answer. 50- 40- 30+ 20- 10- 35 30 W 0+ Real wage rate (2007 dollars per hour) LS+ tax LS 20 50 200 250 350 150 250 Labour (billions of hours per year) LD 450A government passes a family-friendly law that no companies can have evening, nighttime, or weekend hours, so that everyone can be home with their families during these times. Analyze the effect of this law using a demand and supply diagram for the labor market: first assuming that wages are flexible, and then assuming that wages are sticky downward.
- Is a decrease in the unemployment rate necessarily a good thing for a nation? Explain.Because the minimum wage is not indexed to inflation, when there is inflation thenominal minimum wage. and the real minimum wage. A. remains constant; remains constant B. None of the above OC. increases; decreases D. remains constant; decreases OE. decreases; remains constant16. Suppose that the government imposes a minimum wage of $7. Then, the size of labor force will be people, the number of people employed will be. , and the number of people unemployed will be. a. labor force = 50, employment = 30, unemployment = 20 b. labor force = 50, employment = 50, unemployment = 0 c. labor force = 70, employment = 30, unemployment = 40 d. labor force 70, employment = 50, unemployment = 20
- What is the effect of an increase in the income tax rate and more generous unemployment benefits on the labor market? An increase in the income tax rate and more generous unemployment benefits O A. decreases the supply of labor; decrease the supply of labor O B. decreases the supply of labor; increase the demand for labor O C. increases the demand for labor; increase the demand for labor O D. increases the demand for labor; decrease the supply of labor answer.What is the effect of an increase in the income tax rate and more generous unemployment benefits on the labor market? An increase in the income tax rate and more generous unemployment benefits O A. decreases the supply of labor; increase the demand for labor B. decreases the supply of labor; decrease the supply of labor C. increases the demand for labor; increase the demand for labor D. increases the demand for labor; decrease the supply of labor Click to select your answer. 80 000 888 F7 F6 F5 F4 esc F2 F3 F1 2$ % 1 2 3 4 W E R コ T(continued) An economist is surprised because he expected total income to fall when the wage rose. In other words he thought that the labor demand curve was very but it turned out to be more elastic, inelastic inelastic, elastic
- What is the change in unemployment when the price level and the money wage rate rise by the same percentage? What is the change in unemployment and the quantity of real GDP supplied when the price level rises but the money wage rate remains unchanged? When the price level and the money wage rate rise by the same percentage, unemployment O A. increases B. remains the same C. is eliminated O D. decreases When the price level rises but the money wage rate remains unchanged, unemployment and the quantity of real GDP supplied O A. decreases; decreases B. decreases; increases O C. increases; increases D. increases; decreases Click to select your answer. DII 80 888 :二 F8 F7 F6 F5 F4 F3 esc F2 F1 & # 00 %24From the data calculate the NDP at FC. Wages and salaries are 700 dollars, rent 100 dollars, depreciation $50, subsidies $100.In a competitive labor market, when the governmentincreases the minimum wage, the resul t is a(n)____ in t he quantity of labor suppl ied and a(n)____ in t he qua ntity of labor demanded.a. increase, increaseb. increase, decreasec. decrease, increased. decrease, decrease