Question: q5 q9 are related to the labour market in...
Q5 - Q9 are related to the labour market in Australia. The following graph represents this labour market, where the vertical axis is the wage per hour and the horizontal axis is the number of workers employed (in millions).
Select one from the yelloe
The Australian government is considering a new proposal to increase the minimum wage to $30 per hour.
If the proposed policy is implemented, this will lead to a level of unemployment equal to (0, 3, 4, 7) million workers.
Note: Here, you should think of unemployment as the difference between the number of people that want to work and the number of people that businesses are willing to hire (that is, it is the number of people who want to work but cannot find a job).