Refer to Scenario 1

question 34

Multiple Choice

Refer to Scenario 1.1 below to answer the question(s) that follow.
SCENARIO 1.1: An economist wants to understand the relationship between minimum wages and the level of teenage unemployment. The economist collects data on the values of the minimum wage and the levels of teenage unemployment over time. The economist concludes that a 1% increase in minimum wage causes a 0.2% increase in teenage unemployment. From this information he concludes that the minimum wage is harmful to teenagers and should be reduced or eliminated to increase employment among teenagers.
-Refer to Scenario 1.1. The statement that an increase in the minimum wage causes an increase in teenage unemployment is an example of

• A) a fallacy.
• B) an economic theory.
• C) normative economics.
• D) deductive reasoning.

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Definitions:

Document Archives

A collection of historical records or documents, either physical or digital, organized and preserved for future reference.

Numbering Techniques

Methods used to assign unique identifiers to items in a systematic manner, facilitating organization, tracking, and retrieval.

Scope Change Requests

Formal requests for alterations to the project’s scope, requiring review and approval before being incorporated into the project plan.

Role Clarification

The process of making clear the duties, responsibilities, and expectations of each position within an organization or project.