Analyze and explain the effect of the minimum wage law on the unemployment rate. Explain your answer by using graph.

Q: Ahmed has just graduated with a PhD degree in refinery product optimization. He is currently…

A: There exist various classification of unemployment.

Q: Legislative efforts to make it more difficult for employers to lay off employees will most likely…

A: Unemployment is the situation when an individual is seeking a job but unable to find one.

Q: Explain fully how each of the following factors influence the determination of wages in the economy…

A: Labour is most important factor in means of production and their factor payment must be equal to…

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A: Efficiency wages refers to the employers paying more wages to the workers. This means that the wages…

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Q: For the following data calculate the unemployment rate (round your answer) Population  9 millio…

A: Unemployment rate is the percentage of labor force that is unemployed.

Q: Identify two reasons why a wage might rise above the market equilibrium,and describe their effect on…

A: Answer to the question is given below :

Q: Non-market-clearing theories assume that wages do not instantly to clear the market. Arecessionary…

A: Non-market-clearing theories assume that wages do not instantly changing to clear the market. A…

Q: Reducing the natural rate of unemployment requires reducing the rate of job separation and…

A: Natural rate of unemployment is the unemployment rate that persist in a healthy and growing economy…

Q: Define the natural rate of unemployment and cyclical unemployment

A: Unemployment is a situation in which a person who is willing and able (capable) to work do not find…

Q: Suppose the National Assembly passes legislation making it more difficult for firms to fire workers.…

A: The labor market consists of labor demand by businesses and labor supply by households. The point…

Q: Which of the following contribute to the natural rate of unemployment? Instructions: You may select…

A: Unemployment is a situation when a large part f the population is looking for work but is not…

Q: Since 1960 there has been a substantial increase in unemployment rates in major European countries.…

A: The unemployment refers to the phenomenon in which the people who are willing to work at the…

Q: Graphically illustrate and explain what is the effect of an increase in unemployment benefits on the…

A: The labor market would result in a equilibrium of real wage and the quantity of labor. The…

Q: a) Define and discuss that type of unemployment.  b) Provide an example.  c) What solutions can…

A: a, Unemployment is a situation where the people are willing to work at the prevailing market wage…

Q: Assuming a perfectly competitive labor market, what should an increase in the minimum wage do to the…

A: The demand curve for labour, under the ceteris paribus assumption, shows the amount of labor…

Q: Analyze and explain the effect of the minimum wage law on the unemployment rate. Explain your answer…

A: Analyze and explain the effect of the minimum wage law on the unemployment rate. Answer: The minimum…

Q: Leo runs a bicycle repair shop. He recently examined information on wage and employment levelsand…

A: The real wages are refers to the nominal wage rates which have been adjusted for inflation

Q: Which of the following statements is FALSE? high rates of unemployment often have a way of…

A: Meaning of Macroeconomics: The term macroeconomics refers to the situation of economic and…

Q: Assume the number of employed people in Pakistan is 22.5 million in 2020. The number of unemployed…

A: The Labor Participation force gives the measure of total working age population in the country. This…

Q: Which of the following would impact the Natural Rate of Unemployment?   Question 7 options:   All…

A: Cycles in unemployment explain why unemployment rises during a slump and falls during an upturn. So,…

Q: Discuss the historical patterns of unemployment of any chosen economy

A: Unemployment describes a condition in which a job seeker is unable to find work. Unemployment is…

Q: he Federal Reserve Bank of Atlanta releases its monthly Wage Growth Tracker to study trends in wages…

A: During a recession, job stayers do better than job switchers because labor demand decreases and job…

Q: Determine the impact on each of the following if 2 million unemployed decide to return to school…

A: Unemployment occurs when people who are able, willing and looking for jobs are unable to find jobs.…

Q: How can seasonal unemployment be alleviated? Should it be alleviated? Why or why not?

A: Seasonal unemployment means a situation when individuals are not having jobs(unemployed) at…

Q: ............... unemployment is unemployment caused by .............. and ..............…

A: Frictional unemployment , also known as search employment, portrays a short-term unemployment…

Q: When unemployment exists in the supply and demand labor market model, there is an adjustment that…

A: Unemployment is the situation where the workers who are willing to and able to work but unable to…

Q: Many cities and states are either raising minimum wage to more than double the national minimum or…

A: ADVANTAGE The essential contention progressed for raising the minimum wage permitted by law is that…

Q: how is frictional, structural, cyclical unemployment and natural rate of unemployment. and why some…

A: Total unemployment in an economy can be classified into 3 types namely, Structural Unemployment…

Q: If the job creation rate is less than the growth in the labour force then the unemployment rate…

A: Macroeconomics refers to the branch of economics that deals with the performance, structure,…

Q: Calculate the natural level of employment if the labor force is 150 million and the natural rate of…

A: At natural rate of unemployment, the economy operates at full employment, where there exists…

Q: what is the effect of an increase in unemployment benefits on the equilibrium levels of real wage…

A: Unemployment is defined as the condition where a person who is willing and  able to work is not able…

Q: What type of wage rigidity is most likely to affect the unemployment rates of the following types of…

A: Wage rigidity can be explained as when wages don’t adjust to make the demand and the supply equal,…

Q: There are 500 people of working age. 2500 people are working full time. 900 are working part time.…

A: The unemployment rate is the percentage of the total labor force that is unemployed but is actively…

Q: If the wage is above the equilibrium wage because of a binding minimum wage, the result O cyclical…

A: We have to find  if the wage is above the equilibrium wage  because of a binding minimum wage.

Q: The Bureau of Labor Statistics reported the following data for 2010: Labor force: 153.7 million…

A: Disclaimer: Since you have posted questions with multiple sub-parts, we will solve the first three…

Q: Analyze and explain the effect of the minimum wage law on the unemployment rate. Explain your answer…

A: A minimum wage, when binding, is imposed above market equilibrium wage rate. At higher wage rate,…

Q: The natural rate of unemployment is: found by dividing total unemployment by the size of the labor…

A: Natural rate of unemployment means that there is some level of unemployment existing in the economy…

Q: All frictional unemployment is short-term unemployment; all structural unemployment is long term…

A: Unemployment is the status of not being able to find work despite actively looking for one.…

Q: When an economy experiences semihidden unemployment,

A: OPTIONS OTHER THEN B WRONG BECAUSE Semihidden unemployment happens when individuals are not included…

Q: Describe how a rise in the wage rate might cause unemployment

A: People who are unemployed are those who are qualified to work but are unable to find job despite…

Q: The estimate of the current natural rate of unemployment rate in the United States is approximately…

A: Natural rate of unemployment exist due to the flexibility in labor market i.e. labor can move freely…