Economists Generally Believe That Increases in the Minimum Wage Will

question 24

Multiple Choice

Economists generally believe that increases in the minimum wage will

• A)increase teen unemployment.
• B)decrease teen unemployment.
• C)have a dramatic impact on the poverty rate.
• D)have a dramatic impact on the taxes paid by the working poor.

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Definitions:

Controllable Costs

For a level of management, the costs that can be influenced (increased, decreased, or eliminated) by management at that level.

Management

The process of dealing with or controlling things or people, often within a business or organization.

Manufacturing Margin

The difference between the sales revenue generated from manufactured goods and the cost of goods sold.

Variable Costing

An accounting method that considers only variable costs in calculating the cost of goods sold and determining profitability.