Which of the Following Is Not Correct

question 236

Multiple Choice

Which of the following is not correct?

• A)Critics argue that minimum-wage laws hurt the very people they are intended to help.
• B)Minimum-wage laws may increase unemployment among the groups of workers affected by the minimum wage.
• C)If the demand for unskilled labor is relatively inelastic, the higher wage will produce more unemployment than if the demand for unskilled labor is relatively elastic.
• D)Minimum-wage laws may benefit teenagers from middle-class families, so the policy is not a precise way to help the poor.

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Definitions:

Period Cost

Costs that are expensed in the period in which they are incurred and are not directly tied to the production of inventory.

Balance Sheet

A financial statement that summarizes a company's assets, liabilities, and equity at a specific point in time.

Product Costs

The total expenses involved in manufacturing a product, including direct labor, direct materials, and manufacturing overhead.

Revenue

The total amount of money generated from the sale of goods or services before any expenses are subtracted.