Programs in Effect in Some States Requiring Employers to Pay

question 11

Multiple Choice

Programs in effect in some states requiring employers to pay employees wages approximating the real cost of living in the locality are called ______ laws.

• A) Real cost
• B) Estimated expense
• C) Living wage
• D) Accurate wage

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Definitions:

Scarce Resources

Scarce resources are resources that are limited in availability and cannot satisfy all the wants and needs of an economy or population.

Allocate

To distribute resources or duties for a specific purpose according to a plan.

Irrational Behavior

Irrational behavior describes actions or decisions that are not in line with logical or rational thinking, often defying expected outcomes based on standard economic theories.

Diamond

A precious gemstone formed under high temperature and pressure conditions, often used in jewelry and industrial applications, not primarily an economic term unless discussing market dynamics.