Minimum-Wage Laws Are Precise Policy Instruments That Can Specifically Target

question 74

True/False

Minimum-wage laws are precise policy instruments that can specifically target workers whose family incomes are low.

---

Definitions:

Resource Market

A marketplace where productive resources (like labor, capital, and raw materials) are bought and sold.

Product Market

A Product Market is a marketplace where final goods or services are offered to consumers, businesses, and the public sector.

Circular Flow Model

An economic model that describes the movement of money, goods and services, and resources between producers and consumers in the economy.

Entrepreneurial Ability

The skill to innovate, introduce new products or processes, and successfully manage business ventures.