National Minimum Wage (AQA A-Level Economics): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What is the primary purpose of the national minimum wage?
What is the primary purpose of the national minimum wage?
To protect workers from exploitation
What happens when a minimum wage is set above equilibrium in a competitive labour market?
What happens when a minimum wage is set above equilibrium in a competitive labour market?
Excess supply of labour occurs
What is a monopsonist?
What is a monopsonist?
A single buyer of labour
How can a minimum wage affect employment in a monopsonistic labour market?
How can a minimum wage affect employment in a monopsonistic labour market?
Can increase both wages & employment
What do most research studies conclude about minimum wage unemployment effects?
What do most research studies conclude about minimum wage unemployment effects?
Effects are extremely slight
Which groups are disproportionately affected by minimum wage increases?
Which groups are disproportionately affected by minimum wage increases?
Young workers aged 18-24
What is the age threshold for the national living wage as of April 2022?
What is the age threshold for the national living wage as of April 2022?
23 and over
How is real wage change calculated?
How is real wage change calculated?
Nominal wage change - inflation rate
What did Card & Krueger find when NJ raised its minimum wage in their 1992 study?
What did Card & Krueger find when NJ raised its minimum wage in their 1992 study?
Employment increased by 13%
When was the UK national minimum wage first introduced?
When was the UK national minimum wage first introduced?
April 1999