맨큐의 경제학 28장 복습문제

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맨큐의 경제학 복습문제를 영어로 각 2문제씩 풀이해 놓은 레포트로 A+ 받은 것입니다.

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4.
● Although minimum wages are not the predominant reason for unemployment in our economy, they have an important effect on certain groups with particularly high unemployment rates. Moreover, the analysis of minimum wages is a natural place to start because, as we will see, it can be used to understand some of the other reasons for structural unemployment

Figure reviews the basic economics of a minimum wages.
When a minimum-wage law forces the wage to remain above the level that balances supply and demand, it raises the quantity of labor supplied and reduces the quantity of labor demanded compared to the equilibrium level.
There is a surplus of labor. Because there are more workers willing to work than there are jobs, some workers are unemployed.
While minimum-wage laws are one reason there is always some unemployment in the our economy, they do not affect everyone.
Most workers have wages well above the legal minimum, so the law does not prevent the wage from adjusting to balance supply and demand.

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