What factors might explain why states pass minimum wages higher than the federal level? There are many correct answers, including economic and noneconomic reasons
A national minimum wage is founded on the premise that every worker has an equal right to the same wage protection and has only one rate that is applicable to all of the workers in a nation. The concept of a single minimum wage is also connected to the idea of meeting the requirements of employees and their families, which will be the same regardless of the industry they work in or the size of the business where they are employed.
However, prices for goods and services can significantly vary between regions of the same nation. Some nations may also see regional variations in the job market, with thriving economies and low unemployment in some regions and less thriving regions and higher unemployment in others.
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- The market wage in industries A and B are $10/hour. The government raises the minimum wage from $8/hour to $12/hour. If the demand for labor is more elastic in industry B than in industry A: a) We would expect decreases in employment in both industries, but the losses will be greater in industry B. b) We would expect a decrease in employment in industry B, but not in industry A. c) We would expect a decrease in employment in industry A, but not in industry B. d) We would expect decreases in employment in both industries, but the losses will be greater in industry Aarrow_forwardDiscuss the economic rationale and two major consequences of a price ceiling on a product in a mixed economy .arrow_forwardA price floor, like minimum wage, will result in their being more supply than demand. True Falsearrow_forward
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- The minimum wage in Arizona is $10.50. This is higher than the federal minimum wage of $7.25. Which of the following is true? Select the correct answer below: Businesses in Arizona cannot pay workers less than $10.50 per hour. Businesses in Arizona can pay workers wages between $7.25 $10.50 per hour. Businesses in Arizona can pay workers less than $10.50 per hour. all of the above.arrow_forwardBegin by locating a scholarly article regarding the effects of increases on minimum wages and discuss its findings. Does a minimum wage increase lead to reductions in employment, or is the overall effect on employment net positive? Do you agree or disagree with the results of the study? What do you think are other vital considerations that should be taken into account in the study? Discuss how conscious capitalism would approach a minimum wage increase. Provide examples to support your rationale. NOT AN ESSAY 200 words MAXIMUMarrow_forwardRaising the minimum wage will Question 5 options: Make all employers better off No other answer is correct Make some low earning employees better off due to higher income, but hurt others due to some of them losing their jobs Make all low paid employees better offarrow_forward
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