The Federal Minimum Wage in 2010 Was $7

question 304

Multiple Choice

The federal minimum wage in 2010 was $7.25. If this wage rate was less than the equilibrium wage, what is the effect?

• A) The minimum wage does not create unemployment.
• B) The number of people who want to work at the minimum wage is the same as the number of available jobs.
• C) The number of people who want to work at the minimum wage is greater than the number of available jobs.
• D) Deadweight loss exists.

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Definitions:

Percentage of Trend

A statistical measure that represents the direction and movement of data points over a specified period, often used to identify patterns in time series data.

Moving Average

A statistical method used to smooth out short-term fluctuations and highlight longer-term trends or cycles in data.

Seasonal Indexes

Numerical values used to adjust for seasonal effects in time series data, allowing for the comparison of data across different seasons.

Daily Indexes

Indicators or measures that are calculated and published every day to track the performance of specific markets or sectors.