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What are high-wage products?
High-wage products can also be called normal goods. This means that if a person's income increases thy will buy more normal goods and less inferior goods. Normal goods include, but are not limited to: nice dinners out, sports cars, Broadway tickets, fancy hotels rooms, etc.
The statistical measure of the weighted average of prices of goods purchased by an urban wage earner is called t?
Consumer Price Index
What are the benefits of increasing the minimum wage?
Increasing the minimum wage can lead to higher incomes for low-wage workers, reducing poverty levels and increasing consumer spending. It can also improve employee morale and productivity, reduce employee turnover, and stimulate economic growth by boosting demand for goods and services.
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
What is meant by wage and salaries administration?
A wage is the amount paid to someone who participates in the activity of producing goods and services.a person who participates in the activity of producing goods and services is a labourer.A wage is generally paid to labourer
What most accurately explains the intended effect of wage controls on the cost of goods and services?
Wage controls attempt to stop inflation
Which of the following does NOT add to the cost of consumer goods and services?
raising minimum wage
What are high-wage products?
High-wage products can also be called normal goods. This means that if a person's income increases thy will buy more normal goods and less inferior goods. Normal goods include, but are not limited to: nice dinners out, sports cars, Broadway tickets, fancy hotels rooms, etc.
When will the national minimum wage change?
well, it depends on many factors, and when it will be implemented, however, do remember that when minimum wage is raised, any store that pays below the new minimum wage will have to increase their employees wages too, and to pay for that, they will have to increase their cost of goods, and then those that make minimum wage will not have enough money to buy the now costly goods, and will then want increased minimum wage... do you see a pattern forming here?
Factory workers were sometimes paid for the amount of goods they produced?
True, but an employer must guarentee min wage
What was the US minimum wage in 1900?
The first US minimum wage law was not enacted until 1938. The 1938 Act was applicable generally to employees engaged in interstate commerce or in the production of goods for interstate commerce and was set at $.25 an hour.
Is price ceiling an example of the minimum wage?
No, a price ceiling is not an example of minimum wage. A price ceiling is a government-imposed limit on how high a price can be charged for a product, often intended to keep essential goods affordable. In contrast, minimum wage is a legal requirement that sets the lowest amount an employer can pay an employee for their labor. While both are forms of government intervention in the market, they apply to different contexts: price ceilings apply to goods and services, while minimum wage applies to labor.
The statistical measure of the weighted average of prices of goods purchased by an urban wage earner is called t?
Consumer Price Index
What do workers in the personal leather goods industry make?
The estimated average hourly wage in the industry was $8.46 for a production worker in 2000
What are the benefits of increasing the minimum wage?
Increasing the minimum wage can lead to higher incomes for low-wage workers, reducing poverty levels and increasing consumer spending. It can also improve employee morale and productivity, reduce employee turnover, and stimulate economic growth by boosting demand for goods and services.
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
