The following table contains statements that provide some analysis of policies that address the minimum wage. Categorize each of these statements as either positive or normative. Statement Positive Normative All Americans should earn more than $25,000 per year. Raising the minimum wage increases the rate of unemployment. The minimum wage should be raised to $15 per hour. Raising the minimum wage reduces the number of employment opportunities for low skilled workers.
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- Predict how each of the following events will raiseor lower the equilibrium wage and quantity of oilworkers in Texas. In each case, sketch a demand andsupply diagram to illustrate your answer.a. The price of oil rises.b. New oil-drilling equipment is invented that ischeap and requires few workers to run.c. Several major companies that do not drill oilopen factories in Texas, offering many well-paidjobs outside the oil industry.d. Government imposes costly new regulations tomake oil-drilling a safer job8. Suppose the computer industry receives an initial extra income for $100. Think about the multiplier process in the first round. ii). How much income will local workers receive? O. $20 O. $25 0. $45 O. $55draw a graph with this difinitions To visualize the impact of the minimum wage on the labor market, I have created an original graph (see below). This graph depicts a hypothetical labor market before and after an increase in the minimum wage. [Please insert your original graph here.] In the graph, the x-axis represents the quantity of labor, and the y-axis represents the wage rate. The blue curve (labeled "Initial Equilibrium") represents the initial labor market equilibrium, where the supply of labor (S) intersects with the demand for labor (D) at point A, determining the initial wage rate and employment level. The red curve (labeled "After Minimum Wage Increase") illustrates the impact of a minimum wage hike. When the government imposes a higher minimum wage, it acts as a price floor (represented by the horizontal line). This results in a new equilibrium at point B, where the wage rate is higher, but employment is lower compared to the initial equilibrium.
- Ross Eisenbrey and Lawrence Mishel in " Uber business model does not justify a new 'independent worker' category" argue all but one of the following. Which one? O t is clearly possible for Uber work hours to be measurable for the establishment of a minimum wage. In fact, since mid-2014, Uber has had a "guaranteed pay" system that functions like a minimum wage and that demonstrates the company's ability to apply the FLSA in its work relationship with drivers. Both Lyft and Uber track their drivers' work hours and readily identify drivers' hours in many public statements. O f an Uber or Lyft driver turns off her app, her personal time is nonetheless compensable under the independent worker proposal of Harris and Krueger. It would not be under current law. O Uber drivers cannot keep their app on and monitoring potential riders and refuse to accept rides without incurring serious consequences, including being deactivated (i.e., fired) for having too low an "acceptance rate."Ross Eisenbrey and Lawrence Mishel in " Uber business model does not justify a new "independent worker' category" argue all but one of the following. Which one? O It is clearly possible for Uber work hours to be measurable for the establishment of a minimum wage. In fact, since mid-2014, Uber has had a "guaranteed pay" system that functions like a minimum wage and that demonstrates the company's ability to apply the FLSA in its work relationship with drivers. Both Lyft and Uber track their drivers' work hours and readily identify drivers' hours in many public statements. O If an Uber or Lyft driver turns off her app, her personal time is nonetheless compensable under the independent worker proposal of Harris and Krueger. It would not be under current law. O Uber drivers cannot keep their app on and monitoring potential riders and refuse to accept rides without incurring serious consequences, including being deactivated (i.e., fired) for having too low an "acceptance rate."The minimum wage is often offered as a possible way to address the income gap. There is, however, apossibility that a minimum wage strategy could backfire. Which statement below best summarizes thepositive and negative aspects of raising the minimum wage? a. Increases some workers’ incomes but leads to other workers likely being replaced withtechnologyb. Encourages more workers to take jobs but causes resentment among low-wage workerscurrently employedc. Increases the demand for labor but causes some workers to work less as their incomes growd. Does not affect labor markets unless it were below the equilibrium wage but would notincrease employment unless it were above the equilibrium wagee. Lowers the direct cost of labor to employers, while increasing the cost to taxpayers
- Find an article on either the current or attempts to raise the minimum wage. Briefly summarize the article. Are there any positive effects of higher minimum wages mentioned in the article? If so, what are they? Does the article cite evidence, theory, or both? Are there any negative effects of higher minimum wages mentioned in the article? If so, what are they? Does the article cite evidence, theory, or both? Do you support a $15/hour minimum wage? Explain your reasons. Did the article influence your thinking at all? Don't forget to cite your sources.The graph illustrates a labor market in which there is a minimum wage of $5 an hour. Draw shapes that represent the following: 1) firms' surplus. Label it FS. 2) workers' surplus. Label it WS. 3) deadweight loss. Label it DWL. 4) the potential loss from job search. Label it Loss. >>> A label can be repositioned by clicking on the edge of the label box and dragging it onto the shape. Selected: none 8- 7- 6- 5- 4- 3- 2- 1- Wage rate (dollars per hour) 18 19 4 A Delete Clear 23 24 20 21 Quantity (millions of hours per year) >>> Draw only the objects specified in the question. S ? Minimum wage D 25 SOU Next METhe graph illustrates a labor market in which there is a minimum wage of $5 an hour. Draw shapes that represent the following: 1) firms' surplus. Label it FS. 2) workers' surplus. Label it WS. 3) deadweight loss. Label it DWL. 4) the potential loss from job search. Label it Loss. >>> A label can be repositioned by clicking on the edge of the label box and dragging it onto the shape. 6- 7- 5- 4- 3- 2- 1- 0- 18 Wage rate (dollars per hour) 19 DWL + S Minimum wage D 20 21 23 24 22 Quantity (millions of hours per year) >>> Draw only the objects specified in the question. 25 Next O O
- does imposing a living wage have the same outcome as a minimum wage?↓ The graph illustrates a labor market in which there is a minimum wage of $5 an hour Draw shapes that represent the following 1) firms' surplus Label it FS 2) workers' surplus. Label it WS 3) deadweight loss. Label it DWL 4) the potential loss from job search Label it Loss >>> A label can be repositioned by clicking on the edge of the label box and dragging it onto the shape Wage rate (dollars per hour) FS 3- 0+ 18 19 (18,2) Minimum wage D 24 25 21 22 23 20 Quantity (millions of hours per year) a GSummarize the evidence regarding the impact of the minimum wage on employment.