Refer to the figure above. If the government fixes a minimum wage ...

[TVarnum]

Refer to the figure above. If the government fixes a minimum wage rate at 15, the unemployment in the market will be:
 
  A) 20 units of labor B) 0 units of labor C) 10 units of labor D) 30 units of labor

Question 2

If 160 million people are employed, 15 million people are unemployed, and the population is 280 million people, the unemployment rate is
 
  A) 57 percent.
  B) 62.5 percent.
  C) 8.6 percent.
  D) 9.4 percent.
  E) not possible to calculate without data on the labor force.

[kishoreddi]

Answer to Question 1

B

Answer to Question 2

C