One of the Consequences of the Minimum Wage Has Been

question 87

Multiple Choice

One of the consequences of the minimum wage has been:

• A)decreased unemployment for low-skill workers.
• B)workers offering to work off the books for less than the minimum wage.
• C)lower production costs for small businesses.
• D)increased employment for high-skill workers.

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Definitions:

Bretton Woods

The Bretton Woods system was a monetary management system that established rules for commercial and financial relations among the United States, Canada, Western Europe, Australia, and Japan after WWII.

International System

A global framework consisting of political, economic, social, and legal rules that govern the relations between nations.

Exchange Rates

The rate at which one currency can be converted into another.

Bretton Woods

Bretton Woods refers to the 1944 international agreement that established fixed foreign exchange rates for major currencies, thereby creating a framework for international trade and financial relations.