Which of the Following Is True of the Minimum Wage

question 45

Multiple Choice

Which of the following is true of the minimum wage in the United States?

• A)A state can enact a law that sets the minimum wage higher than the federal minimum wage.
• B)A city cannot set a minimum wage higher than the federal minimum wage.
• C)A living wage law sets a lower minimum wage than the federal minimum wage.
• D)For a tipped employee,if an employee's tips and direct employer payment do not equal the federal minimum wage,the employer is not required to make up the difference.

Explain monetary policy's impact on inflation and employment in the short run.

Understand why the Federal Reserve is considered the "lender of last resort" and the implications thereof.

Explain the role, composition, and operational dynamics of the Federal Reserve Open Market Committee (FOMC).

Discuss the significance of bank reserves, the money multiplier effect, and how fractional reserve banking contributes to money supply changes.

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Definitions:

Labour Efficiency Variance

The difference between the actual labor hours used and the standard labor hours expected, multiplied by the standard labor rate.

Direct Labour Used

The total effort, measured in hours or costs, of workers directly involved in the manufacturing process of a product.

Variable Manuf. Overhead

Costs that vary with production volume, such as utilities and materials used in manufacturing.

Materials Quantity Variance

The difference between the actual quantity of materials used in production and the expected quantity, valued at standard cost.