Question

in a certain town, one large factory employs most of the residents. the manager of the factory recently announced that no one under the age of 21 would be hired. which of the following is a likely outcome of this policy? the factory will become more productive. the unemployment rate in this town will decrease. the factory will lose a chance to hire some qualified workers. the minimum wage will decrease considerably. 2 multiple choice 2 points which is most likely the result of high unemployment? an increase in consumer spending a decrease in consumer spending an increase in sales tax a decrease in the need for social services 3 multiple choice 2 points the basic economic problem that all individuals, businesses, and governments must solve is satisfying unlimited wants with limited resources. guaranteeing that everyone has a bank account. making sure all resources are used. updating jobs to take advantage of the newest technology.

Explanation:

1. First question:

• If the factory doesn't hire under - 21s, it might miss out on some qualified young workers. Productivity isn't necessarily guaranteed (could be other factors), unemployment rate might not decrease (excluding a group), and minimum wage is related to broader labor market forces, not just this policy.

1. Second question:

• High unemployment means fewer people have jobs and income. So, they are likely to spend less. Consumer spending is directly related to income levels. Sales tax might not increase (less spending could mean less tax base), and the need for social services might increase (more people in need).

1. Third question:

• The basic economic problem is scarcity. Unlimited wants and limited resources. Having a bank account is a financial service aspect, using all resources is about efficiency (but not the core problem), and updating jobs for technology is an aspect of economic change, not the basic problem.

Answer:

1. The factory will lose a chance to hire some qualified workers.
2. a decrease in consumer spending
3. satisfying unlimited wants with limited resources.