Figure 20-1 -Refer to Figure 20-1. Based on the Graph of the Graph

question 167

Multiple Choice

Figure 20-1
-Refer to Figure 20-1. Based on the graph of the labor market above, if a minimum wage of $8 per hour is imposed, which of the following will result?

• A) The quantity of labor demanded by firms will rise.
• B) The quantity of labor demanded by firms will fall.
• C) The unemployment rate will fall.
• D) Both A and C will occur.

Identify household behavior as demanders in economic transactions.

Recognize different forms of household income and types of goods.

Understand the basic concepts and advantages of sole proprietorships.

Recognize the commonality and characteristics of businesses in the U.S. economy.

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Definitions:

Diencephalon

A region of the brain located beneath the cerebrum that includes structures such as the thalamus and hypothalamus, involved in sensory and neural functions.

Hypothalamus

A region of the brain below the thalamus that coordinates both the autonomic nervous system and the activity of the pituitary, controlling body temperature, thirst, hunger, and other homeostatic systems.

Tentorium Cerebelli

A fold of the dura mater that separates the cerebellum from the inferior portion of the occipital lobes.

Falx Cerebri

A strong, arched fold of dura mater that descends vertically in the longitudinal fissure between the two cerebral hemispheres of the brain.