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Reading 15: Markets in Action - LOS b ~ Q1-3

1.Which of the following is least likely to be the result of a minimum wage?

A)   Unemployment will rise.

B)   There will be an abundance of low-skilled workers willing to work.

C)   Labor will be substituted for capital.

D)   On-the-job training will be cut back.

2.A minimum wage set above the equilibrium minimum wage will most likely have which of the following effects?

A)   It will have no effects.

B)   Unemployment will rise.

C)   There will be a shortage of workers.

D)   The quantity of nonmonetary employment benefits will rise.

3.A minimum wage is an example of which of the following?

A)   A price ceiling.

B)   A quota.

C)   A price floor.

D)   Rent controls.

答案和详解如下:

1.Which of the following is least likely to be the result of a minimum wage?

A)   Unemployment will rise.

B)   There will be an abundance of low-skilled workers willing to work.

C)   Labor will be substituted for capital.

D)   On-the-job training will be cut back.

The correct answer was C)

Firms substitute capital for the “expensive” labor and use more than the economically efficient amount of capital.

2.A minimum wage set above the equilibrium minimum wage will most likely have which of the following effects?

A)   It will have no effects.

B)   Unemployment will rise.

C)   There will be a shortage of workers.

D)   The quantity of nonmonetary employment benefits will rise.

The correct answer was B)

Firms will not employ all the workers who want to work at the imposed higher wage. Those who want to work at the higher wage but cannot find jobs will be counted as unemployed.

3.A minimum wage is an example of which of the following?

A)   A price ceiling.

B)   A quota.

C)   A price floor.

D)   Rent controls.

The correct answer was C)

A minimum wage is an example of a price floor.

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thanks a lot

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