Quiz Me: 7.2 Price Floors
The graph shows the market for tomato pickers in southern southern California. If California introduces a minimum wage for tomato pickers of $8.00 an hour, how many pickers are employed and how many are unemployed? If California introduces a minimum wage for tomato pickers of $8.00 an hour, _____ pickers are employed and _____ pickers are unemployed. The lowest wage that some workers might be able to earn if a black market develops is $_____.
1500 and 1000 and 4.00
The table shows the market for house painters in New Mexico. If New Mexico introduces a minimum wage of $10.00 an hour, how many house painters are employed and how many are unemployed? If New Mexico introduces a minimum wage of $10.00 an hour, _____ house painters are employed and _____ house painters are unemployed.
200 and 0
The table shows the market for yoga instructors in Louisiana. If Louisiana introduces a strictly enforced minimum wage for yoga instructors of $9.75 an hour, how many yoga instructors are employed and how many are unemployed? If Louisiana introduces a strictly enforced minimum wage for yoga instructors of $9.75 an hour, _____ yoga instructors are employed and _____ yoga instructors are unemployed. The lowest wage at which some yoga instructors would be willing to work is $_____ an hour.
300 and 150 and 7.50
The graph shows the market for apple pickers in New England. What is the equilibrium wage rate and the equilibrium quantity of pickers employed? The equilibrium wage rate of apple pickers is $_____ an hour and the equilibrium quantity of apple pickers employed is _____. If the New England states introduce a minimum wage of $4.00 an hour, _____ pickers are employed and _____ pickers are unemployed.
6.00 and 4000 and 4000 and 0
A mismatch between intention and outcome is inevitable if a price regulation seeks to block the law of market forces. Choose the correct statement that supports the above sentence.
A cap on executives that has the intention of limiting pay to executives and directors in firms receiving government handouts results in the best executives and directors leaving the very firms that need their services.
The graph shows the market for orange pickers in Florida. If Florida introduces a minimum wage for orange pickers of $8.00 an hour, the minimum wage is ______.
inefficient and not fair
The table shows the demand and supply schedules for student workers at on-campus venues. If the college introduces a strictly enforced minimum wage for student workers of $7.00 an hour, the minimum wage is ______.
inefficient and not fair
The graph shows the market for orange pickers in Florida. With the minimum wage, ______ gain and ______ lose.
orange pickers who find work; orange growers and unemployed pickers
The table shows the demand and supply schedules for student workers at on-campus venues. With the minimum wage, ______ gain and ______ lose.
student workers who find work; employers and unemployed student workers