Macro economics
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Go to:http://www.bls.gov/opub/reports/minimum-wage/2015/home.htm
1. (A) What percentage of hourly paid workers were paid at or below the minimum wage in 2015?
(B) How many workers were paid at or below the minimum wage in 2015?
(C) How many people are currently in the U.S. labor force? {Do an internet search.}
(D) Describe in some detail the typical minimum wage worker in terms of age, gender, race, education, marital status, full-time vs. part time, occupation, and industry.
(E) What has happened to the percentage of workers paid at or below the minimum wage in 2014 compared to 2013? Provide data.
(F) What has happened to the percentage of workers paid at or below the minimum wage in 2014 compared to 1979? Provide data.
GO tohttp://appsso.eurostat.ec.europa.eu/nui/show.do?dataset=earn_mw_cur&lang=en
2. According to the table, what is the 2017S1 minimum wage in: (A) France, (B) Ireland,
(C) Germany, (D) Spain, (E) the United Kingdom, and (F) the United States?
<Note: Data is in euros. Give your answer in euros. European minimum wage is specified as monthly income not hourly wage rate. Give your answer in monthly income. >
3. According to the table:
(A) How many countries had higher minimum wages than the U.S. in 2017S1?
(B) How many had lower minimum wages?
(C) What country had the highest minimum wage in 2017S1? What was that minimum wage?
(D) What country had the lowest minimum wage in 2017S1? What was that minimum wage?
4. (A) At the current exchange rate what is the value in US dollars of the 2017S1French minimum wage?Consult the internet to find the current exchange rate. Explainand show your work.
(B) Are minimum wage workers in France better or worse off than minimum wage workers in the U.S.Explain.
5. Read “Minimum Wages The Logical Floor” http://www.economist.com/news/leaders/21591593-moderate-minimum-wages-do-more-good-harm-they-should-be-set-technocrats-not
(A) What does the article conclude that empirical evidence shows about minimum wages and employment? That is, does an increase in minimum wage create unemployment?Explain.
(B) In order for the above conclusion to be valid, what is the important criteria that should be used in setting a minimum wage?
(C) According to the article, what is the second lesson that should be applied in setting a minimum wage?
