What Is the Federal Minimum Wage

question 52

Multiple Choice

What is the federal minimum wage?

• A)$5.85
• B)$6.00
• C)$6.50
• D)$7.00
• E)$7.25

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Definitions:

Logrolling

The act of trading support, particularly within the political arena, through mutual agreement to vote for each other's proposed bills.

Paradox Of Voting

The situation where individual rational choice leads to a situation where collective rational outcomes are not achieved, often resulting in the non-optimal allocation of resources.

Government Failure

Occurs when government intervention in the economy leads to an inefficient allocation of resources or fails to achieve the intended outcomes.