1) Critics of the minimum wage argue that as an antipoverty device, it is "poorly targeted

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1) Critics of the minimum wage argue that as an antipoverty device, it is "poorly targeted." By this they mean that

A. the minimum wage only applies to a small percentage of the labor force.
 B. many who benefit from the minimum wage are teenagers or not poor.
C. the government has been unable to enforce the minimum wage.
D. the average level of wages in the economy is considerably higher than the minimum wage.

2) If the minimum wage is set too high, in some labor markets we can expect to see

A.    a shortage of labor.
B.    an increase in on-the-job training. 
C. a surplus of labor.
D. a decline in wage costs.
 
3) If all workers were homogeneous, all jobs were equally attractive to workers, and labor markets were perfectly competitive,

A.    compensating differences would cause wage differentials.
B.    noncompeting groups of workers would result in wage differentials
C. all workers would receive the same wage rate.
D. worker mobility would occur such that wage differentials would widen.
4) Suppose all workers are identical but working for Ajax is more pleasant than working for Acme. In all other nonwage aspects, the two firms offer the same job characteristics. We would expect

A. wage rates at Ajax to be higher than at Acme. 
B. wage rates at Ajax to be lower than at Acme.
C. wage rates at Ajax and Acme to be the same.
D. workers at Ajax would have to be monitored more closely than those at Acme.