If US Workers Can Produce Everything in Less Time Than

question 83

True/False

If US workers can produce everything in less time than Mexican workers, it is not possible for the US to gain from trade with Mexico.

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Definitions:

Fair Labor Standards Act

Legislation in the United States that establishes minimum wage, overtime pay eligibility, recordkeeping, and child labor standards.

Time And A Half

A rate of pay that is 1.5 times the employee's standard hourly wage, typically awarded for overtime hours worked.

Normal Wage

The standard or average amount of pay that workers receive for their labor in a specific job or industry.

Petty Cash Fund

Cash kept on hand in the office for small purchases.