Federal Legislation Sets Minimum Wages but States May Set Their

question 51

True/False

Federal legislation sets minimum wages but states may set their own which are higher that the federal minimum.

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Definitions:

Agricultural Subsidies

Agricultural subsidies are financial incentives provided by the government to farmers or agribusinesses to supplement their income, manage the supply of agricultural commodities, and influence the cost and supply of such commodities.

Tariff

A tax imposed on imported goods and services to increase their price and reduce competition with domestic industries.

Trade Restrictions

Measures imposed by governments to control the import and export of goods and services with the intention of protecting domestic industries, which can include tariffs, quotas, and other barriers.

Efficiency Argument

The principle that resources should be allocated in a way that maximizes the productivity or welfare of a community or economy.