If the Minimum Wage Is Set Above the Market Wage

question 274

Multiple Choice

If the minimum wage is set above the market wage

• A)the quantity of labor supplied will be below the quantity of labor demanded.
• B)unemployment will rise.
• C)highly-skilled workers will have a harder time finding jobs.
• D)All of the above are correct.

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Definitions:

Literacy

The ability to read and write, a fundamental skill that affects an individual's opportunities in education, employment, and participation in society.

Developing Countries

Developing countries are nations with lower levels of industrialization, lower standards of living, and generally, lower Human Development Index (HDI) rankings than developed countries.

Child Mortality Rates

The statistical measure of the number of deaths of children under the age of five, often expressed per 1,000 live births.

Global North

A term used to refer to the world's developed, wealthy countries, primarily located in the Northern Hemisphere.