ECON MACRO
5th Edition
ISBN: 9781337000529
Author: William A. McEachern
Publisher: Cengage Learning
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Question
Chapter 4, Problem 7.15P
To determine
The effect of a minimum wage and to discuss the ones that are helped and the ones that are hurted by the law of minimum wage.
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Students have asked these similar questions
7. Prices and wages are considered ‘sticky’ if:
they do not fully adjust to changes in demand and supply.
their rates of increases and decrease are identical.
as prices increase, wages increase by the same percentage.
their rates of change are directly connected to rate of change in unemployment.
29-
Government of UAE is exporting surplus Dates produced in the country. There are government initiatives to promote dates export from the country. These measures are taken by the government to_____.
a.
Encourage Date farmers in the country
b.
All of these
c.
Ensure fair income for date farmers in the country
d.
Generate export income for the country
14. The unemployed are those people who
do not have jobs.
are not employed but are seeking work
are not working
are not working
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- The Government of a country has implemented a higher minimum wage in 57 cities and towns effective 1 January 2020. Describe how the new wage will benefit employees in the urban areas and discuss the consequences to the economy of the country.arrow_forwardQuestion 11 The unemployment rate measures: the number of people unemployed divided by the number of people employed. O unemployed workers as a percentage of the labor force. O unemployed workers as a percentage of the population age over-sixteen. O unemployed workers as a percentage of the population.arrow_forwardQ19 What is common in the following events? : pollution, skyrocketing commodity prices, plummeting price of agricultural products -Result from competition - Price issues - Market Failure - Supply Failuresarrow_forward
- The Government had implemented minimum wage of RM1,200.00 in 57 cities and towns effective 1 January 2020. Describe how the new wage will benefit employees in the urban areas. Discuss the consequences to the economy of Malaysiaarrow_forward5) The United States has an unemployment compensation program that provides income for those out of work. In this case, unemployment is not a problem, because the unemployment compensation program is not available to workers in all occupations until they find another job. still a problem, because the unemployment compensation program merely gives the unemployed enough funds for basic needs. still a problem, because the unemployment compensation program is not available to workers in the service occupations. not a problem, because the unemployment compensation program gives the unemployed enough funds for basic needs.arrow_forward65- The least amount of money that a player will accept to play foe a team is called the player’s A- reservation wage B- marginal revenue product C- their average compensation D- their minimum wagearrow_forward
- 19- In an economy there is a 15.2 % fall in the consumer spending on the same basket of goods and services between the years 2015 and 2016. This means that there is ____. a. Deflation b. Rise in Price level c. No change in price level d. Inflationarrow_forward1. Using a standard supply and demand framework and the assumption that skilled and unskilled workers are complementary (rather than substitutes), an increased supply of low skilled immigrant labor is expected to a.lower the wages of unskilled workers, and raise the wages of skilled workers. b.lower the wages of unskilled workers, but have no impact on the wages of skilled workers. c.raise the wages of unskilled workers, and lower the wages of skilled workers. d.lower the wages of both skilled and unskilled workers.arrow_forwardHydraulic fracturing (tracking) has the potential to significantly increase the amount of natural gas produced in the United States. If a large percentage of factories and utility companies use natural gas, what will happen to output, the price level, and employment as tracking becomes more widely used?arrow_forward
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