Individual States May Set Their Own Minimum Wage

question 40

Multiple Choice

Individual states may set their own minimum wage

• A) at any time, regardless of the federal minimum wage
• B) if their wage exceeds the federal level
• C) only if it is below the federal level
• D) by filing an application with the federal department of labor
• E) only in times of emergency

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Definitions:

Human Capital

The collective skills, knowledge, and experience of an individual or workforce, considered an asset in terms of their value to an organization or economy.

Industrial Policy

The view that government—using taxes, subsidies, and regulations—should nurture the industries and technologies of the future, thereby giving these domestic industries an advantage over foreign competition.

Corporate Houses

Large companies or business organizations that operate in multiple areas or sectors.

Subsidized Rate

A reduced interest rate on loans provided by the government or other institutions to support specific groups or activities.