Effective Minimum-Wage Laws Will Most Likely Result in (I) an Increased

question 135

Multiple Choice

Effective minimum-wage laws will most likely result in (i) an increased demand for labor.
(ii) a surplus of labor.
(iii) higher incomes for all unskilled workers.

• A)(i) only
• B)(ii) only
• C)(i) and (iii)
• D)(ii) and (iii)

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Definitions:

Regulations

Rules or directives made and maintained by an authority or regulatory body to control or govern conduct within a specific area.

Production Possibilities Curve

A graphical representation showing the maximum quantity of goods and services that can be produced with a fixed amount of resources.

Efficiently

The quality of achieving maximum productivity with minimum wasted effort or expense, often used in the context of economic resource allocation.

Legal System

A framework of laws and regulations that govern the behavior of individuals, organizations, and governments.