The Minimum Wage in 2008 Was $6

question 163

Multiple Choice

The minimum wage in 2008 was $6.55 cents until July 2008 when it was raised to $7.25. If the minimum wage in June was below the equilibrium wage and the increased wage in July was above the equilibrium wage, then

• A) firms' producer surplus was greater in June than in July.
• B) unemployment was unaffected by the increase.
• C) the deadweight loss was greater in June than in July.
• D) employment of low-skilled workers increased in July.

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Definitions:

Developmental Outcomes

The results or potential impacts of various factors on the growth and progress of individuals, particularly in the context of physical, mental, or emotional development.

Katherine Nelson

An influential figure in psychology, particularly known for her work on language development and memory in children.

External World

The objective reality outside an individual's mind, including physical objects, events, and other people.

Mental Structures

The complex frameworks within the mind that are involved in organizing, interpreting, and making sense of information, according to theories of cognitive development.