Table 4-7 Table 4-7 Shows the Demand and Supply Schedules

question 191

Multiple Choice

Table 4-7
Table 4-7 shows the demand and supply schedules for the labor market in the city of Pixley.
-Refer to Table 4-7. If a minimum wage of $11.50 is mandated, there will be a

• A) shortage of 20,000 units of labor.
• B) surplus of 20,000 units of labor.
• C) shortage of 40,000 units of labor.
• D) surplus of 40,000 units of labor.

Appreciate the benefits and drawbacks of different organizational models such as bureaucracy, organic, and mechanistic structures.

Recognize the components of organizational structures such as chain of command and how they define authority and workflow within organizations.

Understand the tools and objectives of the Federal Reserve System.

Explain the process of money creation and destruction within the banking system.