Jack and Adam Were the Employees of Steel Co

question 31

Multiple Choice

Jack and Adam were the employees of Steel Co. Inc. Both of them performed equal work in the industry, however, the company decided to give a 40 percent hike to Jack because he was senior to Adam, whereas Adam was only given a 20 percent pay hike to his salary. In this scenario, the company wage differential is justified under the:

• A)Bennett Amendment.
• B)discretionary power of company.
• C)public policy exception.
• D)Lilly Ledbetter Fair Pay Act.

---

Definitions:

Price Level

A measure of the average prices of goods and services in an economy, which indicates the purchasing power of a country's currency.

Classical Model

An economic model based on the principles of self-regulating markets, where supply and demand are balanced through competitive market forces without government intervention.

Keynes's Criticism

John Maynard Keynes's opposition to certain economic theories or policies, often emphasizing the importance of demand and government intervention in mitigating downturns.

Classical Theory

An economic theory emphasizing that markets function best without government interference and that economic problems are self-correcting.