A Senator stated that, \"It is time to put people before profits; that is why I

Question

A Senator stated that, "It is time to put people before profits; that is why I am sponsoring legislation that requires all businesses to purchase health insurance for workers." Given that the demand for labor is more elastic than the supply of labor will be the result of this proposed legislation? A) The demand for labor will increase causing businesses to pay workers higher 19. their wages. The supply of labor will decrease causing businesses to pay workers higher wages Workers will pay for their employer-provided health insurance in the form of lower wages Firms will pay for the majority of their workers' health insurance because it is their legal obligation. B) C) D) Many businesses compensate their sales people not on their overall performance, but on their performance relative to their peers. This is an example of A) piece rate pay. 20. C) D) salary payin rate pay compensation rate pay. a tournament. 21. When inside information becomes public information, profit opportunities A) grow B) evaporate. C) remain the same. D) change in an indeterminate direction. 22. A piece rate is paying workers A) B) C) D) by the hour. a fraction of the firm's profit. $0.25 for every pound of apples picked. a bonus for meeting a fixed standard. 23. A mutual fund is A) an investment fund that pools money from many investors and invests that money in the stocks of many firms. B) generally a share of company stock owned by multiple people C) a company that specializes in lending new businesses money D) the source of funds that banks use to make home and automobile loans.

Explanation / Answer

19. C.

Explanation: The demand for labor is more elastic than the supply of labor. This means the higher portion of any increase in the cost of business will be shifted to the workers in terms of reduced wage. So, employers will reduce wage and pay for the health insurance with savings from wage cut.

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