Question : Table 4-8 Hourly Wage (dollars) Quantity of Labor Supplied : 1387457

 

Table 4-8

 

Hourly Wage

(dollars)

Quantity of Labor Supplied

Quantity of Labor Demanded

$8.00

350,000

390,000

8.50

360,000

380,000

9.00

370,000

370,000

9.50

380,000

360,000

10.00

390,000

350,000

10.50

400,000

340,000

 

Table 4-8 shows the demand and supply schedules for the low-skilled labor market in the city of Westover.

 

54) Refer to Table 4-8.  If a minimum wage of $10.00 is mandated, there will be a

A) shortage of 20,000 units of labor.

B) surplus of 20,000 units of labor.

C) shortage of 40,000 units of labor.

D) surplus of 40,000 units of labor.

 

 

55) Refer to Table 4-8. If a minimum wage of $10.50 an hour is mandated, what is the quantity of labor demanded?

A) 400,000

B) 370,000

C) 340,000

D) 60,000

 

56) Refer to Table 4-8.  If a minimum wage of $10.50 an hour is mandated, what is the quantity of labor supplied?

A) 400,000

B) 370,000

C) 340,000

D) 60,000

 

 

57) Refer to Table 4-8.  If a minimum wage of $10.50 is mandated there will be a

A) shortage of 30,000 units of labor.

B) surplus of 30,000 units of labor.

C) shortage of 60,000 units of labor.

D) surplus of 60,000 units of labor.

 

 

58) Refer to Table 4-8.  Suppose that the quantity of labor demanded increases by 40,000 at each wage level. What are the new free market equilibrium hourly wage and the new equilibrium quantity of labor?

A) W = $10.00; Q = 390,000

B) W = $9.50; Q = 380,000

C) W = $8.50; Q = 380,000

D) W = $8.00; Q = 390,000

 

59) Refer to Table 4-8.  Suppose that the quantity of labor demanded decreases by 40,000 at each wage level. What are the new free market equilibrium hourly wage and the new equilibrium quantity of labor?

A) W = $10.00; Q = 390,000

B) W = $9.50; Q = 380,000

C) W = $8.50; Q = 340,000

D) W = $8.00; Q = 350,000

 

 

60) Refer to Table 4-8.  Suppose that the quantity of labor supplied increases by 40,000 at each wage level. What are the new free market equilibrium hourly wage and the new equilibrium quantity of labor?

A) W = $9.00; Q = 410,000

B) W = $9.50; Q = 420,000

C) W = $8.50; Q = 400,000

D) W = $8.00; Q = 390,000

 

 

61) Refer to Table 4-8.  Suppose that the quantity of labor supplied decreases by 40,000 at each wage level. What are the new free market equilibrium hourly wage and the new equilibrium quantity of labor?

A) W = $9.00; Q = 330,000

B) W = $9.50; Q = 370,000

C) W = $10.00; Q = 350,000

D) W = $8.00; Q = 390,000

 

62) Which of the following is a consequence of minimum wage laws?

A) Low skilled workers benefit because minimum wage increases the number of jobs providing low skilled workers with training.

B) Employers will be reluctant to offer low-skill workers jobs with training.

C) Producers have an incentive to offer workers non-wage benefits such as health care benefits and convenient working hours rather than a higher wage.

D) All workers benefit when the minimum wage is increased.

 

 

63) The minimum wage is an example of

A) a subsidy for low-skilled workers.

B) a price floor.

C) a price ceiling.

D) a black market.

 

 

 

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more