Minimum-Wage Laws

question 39

Multiple Choice

Minimum-wage laws

• A)create unemployment.
• B)do not apply in states with right-to-work laws.
• C)affect highly-educated workers more than high school dropouts.
• D)cause labor shortages,which further raise wages above equilibrium.

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Definitions:

Direct Labour Price Variance

The difference between the actual cost of direct labor and the expected (or standard) cost, based on the actual hours worked.

Direct Labour Standards

Pre-determined measures of how much labor (time or cost) should be used to produce a unit of product or perform a service.

Total Cost

The complete cost of producing or acquiring goods or services, including both fixed and variable components.

Direct Material Quantity Variance

The difference between the expected and actual quantity of materials used in production, affecting the total manufacturing cost.