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A great cry of oppression is heard, and is principally pointed at workmen and traders, which is hard to regulate without a standard of pay, so it is therefore ordered that prices and wages be duly set at each of the General Courts annually. The court, in the interim, recommended that all tradesmen and labourers consider the religious end of their callings, which is that receiving such a moderate profit as may enable them to serve God and their neighbors with their arts and trades comfortably, they do not enrich themselves suddenly and inordinately by oppressing prices and wages to the impoverishing of their neighbors...live in the practice of that crying sin of oppression, but avoid it.
That's bout it:)
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Is minimum wage a price floor?
A minimum wage could be considered a price floor because it sets a wage floor on the price of labour. Since labour is an important factor of production, and price reflects the cost of production, then higher wages correspond to higher prices if there are no productivity gains.
The minimum wage is an example of?
The minimum wage is an excellent example of a price floor
What is a Wage Neg?
wage neg is wage negotiable. it means that you can call someone who is putting something on sale and ask them about the price.
How do you distinguish between money wage and real wage?
Real Wage = Money Wage / Price Index Real wage measures purchasing power, that is what an hour's labor can buy.
Minimum wage is an example of?
a price floor.
Was the Office of Price Administration created to stabilize both wage and price?
yes
Where can I get a federal minimum wage poster?
You can find information about federal minimum wage posters and the rules and regulations at the following site...www.dol.gov WHD. I hope this helps.
When the government sets a price floor on earnings it is called what?
Minimum wage.
In macroeconomics is the minimum wage a price floor?
Yes
What is a example of a government price control?
minimum wage
An example of price floor?
A price floor is government imposed limit on how low a price can be charged for a product or service. An example of a price floor in the US are minimum wage laws. The government has set the minimum wage that a company can pay an employee.
Give an example of a price floor and a price ceiling and the purpose of the controls?
an example of a price floor is the minimum wage
