Question : 101.Supporters of minimum-wage legislation argue that: A. workers deserve a basic standard : 1379100

101.Supporters of minimum-wage legislation argue that:

A. workers deserve a basic standard of living.

B. it should be set below the market equilibrium wage.

C. some workers will become unemployed as a result of the minimum wage.

D. All of these are true.

102.Those who oppose minimum wage legislation argue that:

A. setting a wage above the market-clearing equilibrium creates unemployment.

B. it should be set below the market-clearing equilibrium.

C. workers deserve a basic standard of living.

D. All of these are true.

103.Why don’t wages fall so that everyone with the skills and desire gets a job?

A. The government might prevent it, through minimum-wage legislation.

B. Labor unions might prevent it, through bargaining backed by the threat to strike.

C. Firms themselves might prevent it, by voluntarily choosing to pay higher wages than necessary.

D. All of these are reasons why wages may not fall to equilibrium.

104.If the minimum wage is set at a level below the equilibrium wage:

A. it will have no effect.

B. it would be a nonbinding minimum wage.

C. it would not interfere with the market reaching equilibrium.

D. All of these are true.

105.If the minimum wage is set at a level above the equilibrium wage:

A. it will have no effect.

B. it will be a nonbinding minimum wage.

C. it could cause unemployment.

D. All of these are true.

106.Does minimum wage cause unemployment?

A. Theoretically, yes.

B. Economists have found evidence that it does cause small amounts of unemployment in certain industries.

C. Economists have found evidence that shows it does not impact unemployment levels in an industry like fast food.

D. All of these are true.

107.Some economists argue that the minimum wage:

A. drives some labor to occur “under the table.”

B. causes some employers to hire undocumented migrants at below-minimum wages.

C. leads some employers to pay workers cash without telling the government.

D. All of these are true.

108.If minimum wage legislation does cause unemployment, then:

A. those who are lucky enough to land jobs benefit.

B. those who become unemployed as a result lose.

C. firms will not bear the entire burden of the higher cost of employment.

D. All of these are true.

109.If minimum wage legislation does not cause unemployment, then:

A. those who work for minimum wage will benefit.

B. firms will lose by earning lower profits.

C. minimum wages may be nonbinding.

D. All of these are true.

110.Labor unions are:

A. groups of employees who join together to bargain with their employer(s) over salaries and work conditions.

B. groups of employers who join together to create fair employment packages for employees within a certain geographical area.

C. groups of employers who petition the government to regulate the safety conditions of certain industries.

D. groups of employees who petition the government to oversee the employment conditions of employees who work for major corporations.