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Low unemployment rates in the country employers offer higher wage to meet their higher payroll costs and maintain profits they charge consumers more for goods and services what are the consequences?
a wage price spiral of ever-increasing prices
Is an example of a government price control.?
What principle refers to the fact that a person is prevented from consuming private goods unless he or she pays for them
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.
What term refers to the lowest wage an employee can pay legally?
minimum wage
Process of wage fixation and the machinery?
Methods of wage fixation
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
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
