Ideal Employment Market120100806040201357 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55Supply of LaborDemand for Unskiled LaborDemand for Low-skilled Labor Demand for High-skiled LaborUnskilled workers would work eleven hours a week and get paid $6 an hour. Low-skilledworkers would work nineteen hours a week and get paid $18.50 an hour. High-skilled workerswould work forty-one hours a week and get paid $40 an hour. These numbers are hypothetical,but they are plausible based upon current trends. Since 1985, less skilled workers, judging bytheir level of education, have been working fewer hours than in the past, while highly skilledworkers, again judging by their level of education, work approximately the same number ofhours as they did fifty years ago (Aguiar and Hurst 2007). Unskilled workers cannot work asClick Save and Submit to save and submit. Click Save All Answers to save all answers.Unskilled workers would work eleven hours a week and get paid $6 an hour. Low-skilledworkers would work nineteen hours a week and get paid $18.50 an hour. High-skilled workerswould work forty one hours a week and get paid $40 an hour. These numbers are hypothetical,but they are plausible based upon current trends. Since 1985, less skilled workers, judging bytheir level of education, have been working fewer hours than in the past, while highly skilledworkers, again judging by their level of education, work approximately the same number ofhours as they did fifty years ago (Aguiar and Hurst 2007). Unskilled workers cannot work asmuch as they used to, because there is not as much unskilled work to do. Unfortunately, someunskilled workers still work long hours, while many others do not work at all. "In 2015, 22percent of lower-skilled men (those without a college degree) aged 21 to 30 had not worked atall during the prior twelve months," (Thompson 2016). It would be better for all unskilledworkers to work a little less, so none would be unemployed. In such a situation, everyone whowants a job could get one, so unskilled workers would not be excluded from the work force.If the minimum wage is raised to $15 an hour, then what skill-level of workers are probably going to lose their jobs?O a. Unskilled LaborOb. Low-skilled LaborOC High-skilled LaborOd Nobody will lose a job if the minimum wage is raised to $15 an hour.

Minimum wage is the lowest wage below which an employee cannot hire workers.

If the minimum wage is raised to $15 an hour, then what skill-level of workers are probably going to lose their jobs? O a. Unskilled Labor Ob. Low-skilled Labor OC High-skilled Labor d. Nobody will lose a job if the minimum wage is raised to $15 an hour.

If the minimum wage is raised to $15 an hour, then what skill-level of workers are probably going to lose their jobs? O a. Unskilled Labor Ob. Low-skilled Labor OC High-skilled Labor d. Nobody will lose a job if the minimum wage is raised to $15 an hour.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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