-The Above Figure Shows a Labor Market with a Minimum

question 17

Multiple Choice

-The above figure shows a labor market with a minimum wage of $8 an hour.How many people are employed when the minimum wage is in place?

• A) 40,000
• B) 60,000
• C) 80,000
• D) fewer than 40,000
• E) more than 80,000

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Definitions:

External Locus

A psychological term referring to individuals who believe that external forces or events strongly influence their life outcomes.

Cognitive Dissonance

The psychological unease felt by someone who concurrently possesses two or more conflicting beliefs, ideas, or values.

Consistent

Showing steady conformity to character, profession, belief, or custom over time.

Values

Fundamental beliefs or standards of an individual or group that guide behavior and decision making.