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A higher level of what is most likely to lead to a higher wage?
There are two very good answers to this:EducationResponsibilitya white person 30 to 59 years of age
How does wage level effect the morale of the employee?
The wage level affects the morale of the employee directly. When the wage level is acceptable the morale will be high and this will result into more production output.
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What is the relationship between price floor and minimum wage?
A price floor is a government-imposed lower limit on the price of a good or service, while minimum wage is a specific type of price floor set for labor. By establishing a minimum wage, the government ensures that workers receive a baseline level of compensation for their labor. If the minimum wage is set above the equilibrium wage, it can lead to a surplus of labor, meaning higher unemployment, as employers may hire fewer workers at the higher wage. Thus, both concepts aim to protect certain economic interests but can have unintended consequences in the labor market.
What happens when minimum wage is set above the equilibrium level by law?
When the minimum wage is set above the equilibrium level, it can lead to a surplus of labor, meaning that more people are willing to work at the higher wage than there are jobs available. This can result in higher unemployment, particularly among low-skilled workers or younger individuals entering the job market. Employers may respond by reducing hours, cutting jobs, or increasing automation to manage labor costs. Overall, while some workers benefit from higher wages, the overall employment opportunities may diminish.
What would be a normative statement concerning the minimum wage?
A normative statement concerning the minimum wage is that it should be set at a level that allows individuals to meet their basic needs such as housing and food without relying on public assistance. It should also be high enough to reflect the cost of living in a particular area and should be adjusted periodically to account for inflation. Additionally the minimum wage should be set at a level that does not reduce job opportunities for those earning it. Minimum wage should be set at a level that allows individuals to meet their basic needs Minimum wage should be high enough to reflect the cost of living in a particular area Minimum wage should be adjusted periodically to account for inflation Minimum wage should be set at a level that does not reduce job opportunities for those earning itSetting the minimum wage at an appropriate level is an important part of ensuring economic fairness and protecting the livelihoods of those who are unable to earn higher wages.
Why are certain footballers on a higher wage?
They are better players. They play for big teams that can afford high wages.
What is macroeconomics paradox?
The macroeconomic paradoxes are Wage-cut and Employment,Paradox of saving, Higher Taxation-Assures Economic Growth,Higher Wages lead to Reduction of Profit and Paradox of higher Wages.
How do you say the minimum wage is more?
higher minimum wage
A decrease in the wage rate causes?
A decrease in the wage rate typically results in reduced labor costs for businesses, which can lead to higher profits or lower prices for consumers. However, it may also lead to lower income for workers and potentially reduced consumer spending in the broader economy.
What was the Maryland minimum wage in 2008?
The minimum hourly wage is $7.25 in Maryland pegged to the Federal Minimum Wage rate as of 2009. The rate is $10.50 in many counties (considered a living wage) for employers who have federal contracts. Tipped employees have a minimum hourly wage of $3.63, higher than the federal level of $2.13.
How much does a mechanic make at carmax?
From minimum wage as an entry level tech up to $35 as a lead tech with 40 hr. work weeks
