In the United States, the minimum wage is defined as
A) the wage that the youngest job entrant into the job market makes.
B) the lowest wage that a corporation should pay a worker if the corporation wants to ensure that its employees are well trained.
C) the lowest hourly wage rate a firm may legally pay its workers, as legislated by the U.S. government.
D) the wage ceiling above which a firm no longer must pay its employees additional benefits.
Answer: C
You might also like to view...
Lower U.S. interest rates cause the value of the dollar to
A) fall, making U.S. goods relatively more expensive on world markets. B) fall, making U.S. goods relatively cheaper on world markets. C) rise, making U.S. goods relatively more expensive on world markets. D) rise, making U.S. goods relatively cheaper on world markets.
Which of the following criteria should be used to evaluate if government intervention in a market for the purpose of environmental protection is justified?
A) Is the intervention program economically efficient? B) Does the intervention program reduce pollution to zero? C) Does the intervention program maximize economic surplus? D) Does the intervention program minimize environmental damage?