Questions
Homework:ch6_homework
Single choice
Part 1Is an effective minimum wage fair? Part 1 A. The result of the minimum wage is fair because those who find jobs are the least well off. B. The result of the minimum wage is unfair because only those people who have jobs and keep them benefit from the minimum wage. C. The minimum wage imposes a fair rule because it is legislated by the government and passed into law by majority rule. D. The minimum wage is a fair rule because otherwise low-skill workers would earn a lower wage.
Options
A.A. The result of the minimum wage is fair because those who find jobs are the least well off.
B.B. The result of the minimum wage is unfair because only those people who have jobs and keep them benefit from the minimum wage.
C.C. The minimum wage imposes a fair rule because it is legislated by the government and passed into law by majority rule.
D.D. The minimum wage is a fair rule because otherwise low-skill workers would earn a lower wage.
View Explanation
Verified Answer
Please login to view
Step-by-Step Analysis
The question asks us to evaluate statements about the fairness of the minimum wage as a policy.
Option A: 'The result of the minimum wage is fair because those who find jobs are the least well off.' This reasoning is problematic because it assumes fairness based solely on the condition of being employed, without considering the potential distortions a minimum wage can create in job availability or hiring. It also confuses the status of workers (being employed) with the distributional impact, which is central to ......Login to view full explanationLog in for full answers
We've collected over 50,000 authentic exam questions and detailed explanations from around the globe. Log in now and get instant access to the answers!
Similar Questions
Question at position 8 If a binding minimum wage increases in a perfectly competitive labor market, then which of the following will likely occur in the labor market? The supply of workers will increase.The demand for workers will decrease.The quantity of workers supplied will increase.The demand for workers will increase.The supply of workers will decrease.
Question16 If the minimum wage is set above the equilibrium market wage, it is lower than firms are willing to pay for labor. is effective and reduces unemployment. does not affect the market equilibrium. equals the black market wage. increases unemployment. ResetMaximum marks: 1 Flag question undefined
Question18 If the minimum wage is set above the equilibrium market wage, it is lower than firms are willing to pay for labor. increases unemployment. is effective and reduces unemployment. does not affect the market equilibrium. equals the black market wage. ResetMaximum marks: 1 Flag question undefined
Minimum wages create unemployment in markets where they create a
More Practical Tools for Students Powered by AI Study Helper
Making Your Study Simpler
Join us and instantly unlock extensive past papers & exclusive solutions to get a head start on your studies!