The Number of Unskilled Workers Employed Before and After a Change

question 73

Multiple Choice

The number of unskilled workers employed before and after a change in the minimum wage is found to be the same.This means

• A) the minimum wage change did not affect the unskilled labor market.
• B) nothing,unless we also know that the number of hours worked by each worker has not changed.
• C) the minimum wage could be below the equilibrium wage for unskilled labor.
• D) either b or c
• E) none of the above

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Definitions:

Level of Significance

The criterion used in statistical testing to decide whether to reject the null hypothesis, represented by a probability value (e.g., 0.05 or 5%).

Standard Error

A measure of the variability of a statistic from sample to sample, often used to quantify the accuracy of a sample mean.

Standard Deviation

A measure of the amount of variation or dispersion of a set of values, representing how spread out the values are from the mean.

Sample Means

The average values calculated from samples drawn from a population; used in inferential statistics as estimates of the population mean.