Many states have raised the minimum wage above the federal minimum. Does this distort the labor markets in that state?

Homework # 4.  

Submit your answers on a one page, printed document, submitted in class.

Format:  Single space, twelve point font, one inch margins.

Your full name and UB person id should be on the top of the page.

Use the entire page.

No handwritten homework’s.

Late homework’s shall not be accepted.

Assignment:

Pages 144 & 145 in Parkins 12th  edition discusses the minimum wage.

 

Discuss:

  • Many states have raised the minimum wage above the federal minimum. Does this distort the labor markets in that state?

 

  • Is the federal minimum wage below the equilibrium wage here in New York state?

 

  • Why does government intervene in labor markets?

 

  • If the free market set wages rates, what would the likely outcome in regards to the unemployment rate be exhibited?

 

Make sure you:

  • Introduce your topic.

 

  • Answer the questions.

 

  • Conclude and summarize your thought(s) on the subject.
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