The Minimum Wage

question 15

Multiple Choice

The minimum wage

• A)is an example of floor price.
• B)leads to an increase in the number of people employed in unskilled jobs.
• C)leads to a decrease in the number of people employed in skilled jobs.
• D)causes an increase in social welfare.

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Definitions:

Global Competition

The dynamic and multifaceted competitive landscape among businesses operating on a worldwide scale.

Free Trade

Worldwide trading conducted without interference through tariffs, quotas, or restrictions, following its inherent course.

Accounting Profits

The net income of a company calculated by subtracting total expenses from total revenues, following accounting rules.