Table 28-8 Below Is Data About the Labor Market in the State

question 181

Multiple Choice

Table 28-8
Below is data about the labor market in the state of Northwoods.
-Refer to Table 28-8. If the state government imposed a minimum wage of $10, how many people would be unemployed?

• A)0
• B)10,000
• C)20,000
• D)40,000

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Definitions:

Storage

The act of keeping or placing goods or data in a designated space for future use or retrieval.

Small Business

A business is generally considered small if it is independently owned, operated, and financed; has fewer than 100 employees; and has relatively little impact on its industry.

Purchasing Priority

The practice of prioritizing procurement activities based on factors such as urgency, price, or importance to the business.

Holding Costs

Expenses related to keeping inventory on hand.