The Minimum Wage Law Contributes to a

question 101

Multiple Choice

The minimum wage law contributes to a

• A) lower unemployment rate among teenaged workers.
• B) lower unemployment rate among adult workers.
• C) higher unemployment rate among high skilled workers.
• D) higher unemployment rate among teenaged workers.

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Definitions:

Dollar Votes

A term used in economics to describe how consumers show their preferences and exert influence in the market by how they spend their money.

Dollar Votes

The concept that consumers "vote" for the products they prefer through the dollars they spend.

Consumer Sovereignty

The concept that consumers have the ultimate control over what goods and services are produced by choosing what to purchase with their money.

Economically Most Efficient

A situation or method that yields the maximum output without wasting resources.