The Minimum Wage Is an Example of a Price Floor

question 298

True/False

The minimum wage is an example of a price floor in the labor market.

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Definitions:

Industrial Workers of the World

An international labor union founded in 1905 in the United States, promoting the concept of "One Big Union" for all workers and advocating for the abolition of the wage system.

Transcontinental Railroad

A railway system that connects the Atlantic and Pacific coasts of the United States, completed in 1869 to facilitate commerce and the movement of people.

Federal Land Grants

Land given by the government to support various endeavors, such as the building of railroads or educational institutions.

Italian Immigrant Laborers

Refers to immigrants from Italy who, particularly during the late 19th and early 20th centuries, worked in various sectors in their new countries, often facing challenging conditions.