The Minimum Wage Is a Good Example of a Price

question 8

True/False

The minimum wage is a good example of a price floor.

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Definitions:

Merit-Based System

A merit-based system is a method of employment or selection based on individuals' skills, abilities, and qualifications rather than factors such as nepotism or patronage.

Federal Employment

Jobs within the federal government, including positions in various agencies and departments.

Civil Service Reform Act

Legislation intended to improve and regulate the civil service of the United States by promoting merit-based appointment and ensuring job security for civil servants.

Office of Personnel Management (OPM)

A U.S. federal agency that manages the civil service of the federal government, overseeing human resources policy, personnel management, and health insurance policies for federal employees.