The First Federal Minimum Wage Was Established in 1938 by the

question 98

Multiple Choice

The first federal minimum wage was established in 1938 by the

• A) Fair Labor Standards Act.
• B) Wagner Act.
• C) Minimum Compensation Act.
• D) Pay Equity Act.

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Definitions:

Government Subsidy

Financial assistance provided by the government to support a specific industry, entity, or activity that is considered beneficial for the public.

Rental Rates

The cost associated with leasing or renting property, equipment, or other assets, usually expressed as a price per time period.

Long Run

is a period in economics where all inputs can be adjusted, and no fixed costs or constraints limit production adjustments.

Government Subsidy

Financial assistance provided by the government to individuals, organizations, or industries to support activities beneficial to the public or promote certain economic outcomes.