In 2015,President Obama Increased the Minimum Wage for Employees of Federal

question 8

Multiple Choice

In 2015,President Obama increased the minimum wage for employees of federal contractors to:

• A) $10.10 per hour.
• B) $8.88 per hour.
• C) $6.75 per hour.
• D) $15.00 per hour.

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Definitions:

Efficiently

Achieving maximum productivity with minimum wasted effort or expense.

Economy's Capacity

The maximum level of output that an economy can sustain over a period of time without increasing inflation.

Bowed Outward

A description of a production possibility frontier that displays increasing opportunity costs as more of one good is produced.

Specialized Resources

Inputs in the production process that have specific uses and are not easily adaptable to other types of production.