When People Become Unemployed Because of a Higher Minimum Wage

question 177

Multiple Choice

When people become unemployed because of a higher minimum wage, this type of unemployment is called

• A) frictional.
• B) structural.
• C) cyclical.
• D) abnormal.

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Definitions:

Fiscal Year

A twelve-month period used for accounting purposes and preparing financial statements, which may or may not align with the calendar year.

Calendar Year

A calendar year refers to the one-year period beginning on January 1 and ending on December 31, used for most civil purposes and by many businesses for accounting and taxation.

Interim Financial Statements

Interim financial statements are reports covering a less than full fiscal year, typically quarterly or half-yearly, providing insight into a company's financial performance during the period.

One-Year Period

A timeframe of twelve consecutive months used for financial reporting, planning, and assessment purposes.