Which of the following statements about an effective minimum wage is true?
A. Increasing the minimum wage makes it easier for unskilled workers to find jobs.
B. A minimum wage tends to create unemployment among unskilled workers.
C. A minimum wage shifts the demand curve for labor to the right.
D. A minimum wage shifts the supply curve for labor to the right.
Answer: B
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Which of the following is NOT a normative statement?
A) People buy more of a good or service when its price falls. B) The distribution of income is fair. C) The government ought to provide health care to everyone. D) Corporations should be more socially responsible.
A trade surplus occurs when
A) the value of imports is greater than the value of exports. B) government spending is less than total tax revenue. C) consumption is greater than disposable income. D) none of the above.