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Figure 20-1 Price (dollars per hour) $8.00 6.50 5.00 0 8 10 12 Labor (millions of workers) 415 Qul QIS) Q16) B 917)C 314) Q15) Q181A Q19) A A Oi.) CPL = (+/co) x 100 15) Refer to Figure 20-1. Based on the graph of the labor market above, if a minimum wage is set at $5 per hour, which of the following will occur? A) The unemployment rate will rise. B) The unemployment rate will fall. C) The level of unemployment will rise, but the percentage of the labor force unemployed will not change. D) None of the above will occur.

Figure 20-1 Price (dollars per hour) $8.00 6.50 5.00 0 8 10 12 Labor (millions of workers) 415 Qul QIS) Q16) B 917)C 314) Q15) Q181A Q19) A A Oi.) CPL = (+/co) x 100 15) Refer to Figure 20-1. Based on the graph of the labor market above, if a minimum wage is set at $5 per hour, which of the following will occur? A) The unemployment rate will rise. B) The unemployment rate will fall. C) The level of unemployment will rise, but the percentage of the labor force unemployed will not change. D) None of the above will occur.

Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter15: Poverty And Economic Inequality
Section: Chapter Questions
Problem 44P: In country A, the population is 300 million and 50 million people are living below the poverty line....
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Figure 20-1 Price (dollars per hour) $8.00 6.50 5.00 0 8 10 12 Labor (millions of workers)
Transcribed Image Text:Figure 20-1 Price (dollars per hour) $8.00 6.50 5.00 0 8 10 12 Labor (millions of workers)
415 Qul QIS) Q16) B 917)C 314) Q15) Q181A Q19) A A Oi.) CPL = (+/co) x 100 15) Refer to Figure 20-1. Based on the graph of the labor market above, if a minimum wage is set at $5 per hour, which of the following will occur? A) The unemployment rate will rise. B) The unemployment rate will fall. C) The level of unemployment will rise, but the percentage of the labor force unemployed will not change. D) None of the above will occur.
Transcribed Image Text:415 Qul QIS) Q16) B 917)C 314) Q15) Q181A Q19) A A Oi.) CPL = (+/co) x 100 15) Refer to Figure 20-1. Based on the graph of the labor market above, if a minimum wage is set at $5 per hour, which of the following will occur? A) The unemployment rate will rise. B) The unemployment rate will fall. C) The level of unemployment will rise, but the percentage of the labor force unemployed will not change. D) None of the above will occur.
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