The Amendments to the Fair Labor Standards Act Provide for a Training

question 18

True/False

The amendments to the Fair Labor Standards Act provide for a training wage for employees less than 20 years of age set at 85 percent of the minimum wage.

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Definitions:

Consumption

The act of using goods and services for personal needs or desires, a basic economic activity measured to assess the health and growth of an economy.

Keynesian Economics

An economic theory stating that government intervention can stabilize the economy through fiscal and monetary policy.

Wage Flexibility

The ease with which wages can adjust to match the supply and demand for labor, helping in the correction of labor market imbalances.

Full Employment

A situation in which all available labor resources are being used in the most economically efficient way, typically marked by the absence of cyclical unemployment.