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Minimum Wage and its Effects on Employment

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Why do governments impose minimum wages?

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1. According to the chart, a government imposed minimum wage of $7 will result in which of the following?

2. When the labor market is in equilibrium, how does labor affect other economic drivers?

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About This Quiz & Worksheet

Several economic factors affect the relationship between minimum wage pay and the unemployment numbers. The quiz and worksheet for this lesson will help you to better understand the economy and, in turn, help you understand this complex relationship.

Quiz & Worksheet Goals

These assessments will test you on:

  • The purpose of a minimum wage
  • Government involvement in markets
  • Economic estimations
  • Correlation of wage & unemployment

Skills Practiced

The quiz and worksheet will address your skills of:

  • Critical thinking - apply relevant concepts to examine information about the government and markets in a different light
  • Information recall - access the knowledge you've gained regarding labor markets
  • Knowledge application - use your knowledge to answer questions about economic factors

Additional Learning

To learn more, spend some time reviewing the associated lesson, Minimum Wage and its Effects on Employment. This lesson will focus on the following objectives:

  • Know why governments set a minimum wage
  • Understand the concept of equilibrium
  • Discover the balance of supply and demand
  • Understand how a minimum wage affects unemployment and vice versa
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