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Refer to the information provided in Figure 33.1 below to answer the question(s) that follow. Figure 33.1
-Refer to Figure 33.1. The opportunity cost of producing a bushel of soybeans in Canada is
Fair Labor Standards Act
A United States federal law that establishes minimum wage, overtime pay eligibility, recordkeeping, and child labor standards affecting full- and part-time workers.
Minimum Wage
The lowest wage permitted by law or by a special agreement (such as one with a labor union).
Overtime Pay
Additional compensation paid to employees who work beyond the standard hours designated in their employment contract.
IRS Form 940
A form used by employers in the United States to report their annual Federal Unemployment Tax Act (FUTA) tax.
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