In an Economy with Two Distinct Sectors,the Imposition of a Minimum

question 10

Multiple Choice

In an economy with two distinct sectors,the imposition of a minimum wage above the competitive equilibrium wage in one of those sectors will NOT:

• A) reduce the demand for labor in the minimum-wage sector.
• B) cause workers to move to the non-minimum-wage sector.
• C) increase employment in the non-minimum-wage sector.
• D) decrease employment in the minimum-wage sector.
• E) increase unemployment in the non-minimum-wage sector.

Recognize the importance of industry experience in successful entrepreneurship.

Understand the concept of the product life cycle and its stages.

Recognize how personal hobbies, work experience, or serendipity can lead to business ideas.

Identify the corridor principle and its significance in expanding business opportunities.

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Definitions:

Point Method

A systematic approach used in job evaluation to quantify the value of a job by assigning points based on various factors like skill, effort, and responsibility.

Factor Overlaps

Situations where different elements or variables in a study or analysis share common characteristics, leading to redundancy or confusion.

Gender Bias

Prejudice or discrimination based on someone's gender, often favoring one gender over another.

Living Wage

The minimum income necessary for a worker to meet their basic needs, including housing, food, healthcare, and education.