Question

In: Economics

4. According to the textbook and/or BLS website, U.S. Department of Labor data show that minimum-wage...

4. According to the textbook and/or BLS website, U.S. Department of Labor data show that minimum-wage workers

A. tend to work part time and in the communication industry.

B. tend to work part time and in the leisure and hospitality industry.

C. tend to work full time and in the communication industry.

D. tend to work full time and in the leisure and hospitality industry.

E. tend to work full time and in the agricultural and mining industries.

5. The imposition of a binding (effective) minimum wage above the equilibrium wage in the unskilled labor market will

(x) reduce the number of unskilled persons employed because of a decrease in the quantity supplied of labor

(y) increase the unemployment rate because of a decrease in the quantity demanded of labor

(z) reduce employment of unskilled persons because of a decrease in the quantity demanded of labor.

A. (x), (y) and (z) B. (x) and (y) only C. (x) and (z) only D. (y) and (z) only E. (z) only

6. Which of the following statements about minimum wage laws is (are) correct?

(x) The imposition of effective (binding) minimum wage laws mainly affect unskilled workers, probably increase teenage unemployment and are usually a cause of structural unemployment.

(y) Workers with high skills and much experience are usually not affected by the minimum wage because their equilibrium wages are well above the minimum wage.

(z) If the minimum wage is below the equilibrium wage, then the quantity demanded of labor at the minimum wage will be more than the quantity supplied of labor and the wage rate will rise since it is legally allowed to reach the equilibrium.

A. (x), (y) and (z) B. (x) and (y) only C. (x) and (z) only D. (y) and (z) only E. (x) only

Expert Solution

4. B. tend to work part time and in the leisure and hospitality industry.

5. D. It will increase the unemployment rate because of a decrease in the quantity demanded of labor Or reduce employment of unskilled persons because of a decrease in the quantity demanded of labor.

6. A

Rahul Sunny answered 2 years ago

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