Based on Our Understanding of the Labour Market Model, We

question 25

Multiple Choice

Based on our understanding of the labour market model, we know that a decrease in the minimum wage will cause:

• A) no change in the natural rate of unemployment.
• B) an increase in the real wage demanded by workers.
• C) an increase in the natural rate of unemployment.
• D) no change in the real wage demanded by workers.
• E) a decrease in the real wage demanded by workers.

---

Definitions:

Living

The state of being alive and capable of growth, reproduction, function, and continual change preceding death.

Dualistic Thinking

The tendency to categorize aspects of life into binaries or opposites, often viewing them as completely separate and distinct.

Relativistic Thinking

is the ability to understand that knowledge and truth may vary across different contexts and perspectives, recognizing multiple viewpoints.

Perry's Theory

A cognitive development theory proposed by William G. Perry that outlines how students evolve through different stages of intellectual and ethical development in college.