What is the current federal minimum wage, how is it created, and when was the last...

What is the current federal minimum wage, how is it created, and when was the last time it was changed?
Explain how the minimum wage is related to the cost of living, i.e. what is the real minimum wage?

Solutions

Expert Solution

Ans:-1)The minimum wage means the minimum amount of remuneration given by the employer to the employee for the work done during a given period of time, that cannot be reduced by collective agreement or an individual contract.The minimum wage can be created by law ,choice of capable authority,wage board/council, or by industrial court or tribunal.It is also fixed by joint agreement by law. The aim of this act is to protect the employees against wage descrimination.The federal minimum wage was last changed on 2009 July 24 that is $7.25/hour.

Ans:-2) The minimum wage and cost of living are related to each other.Several state /cities rising minimum wage level and executed overtime work that sometimes causes price inflation.It also noted that low level of increasing minimum wage not resulted high price and may perhaps decrease price .The cost of living is always higher than the minimum wage.So they are related to each other.

Rahul Sunny answered 1 year ago

Next > < Previous

Related Solutions

Minimum Wage Laws: The current federal minimum wage is $7.25. However, we have a wide variety...

Minimum Wage Laws: The current federal minimum wage is $7.25. However, we have a wide variety among laws enacted by the states across America. Take a look at this link https://www.dol.gov/whd/minwage/america.htm It is one the largest unresolved debates in Economics. On the one hand, the minimum wage creates a surplus of labor and creates more unemployment (often for the most unskilled labor). On the other hand, it provides a minimum sustainable living wage to people who have no chance of...

Many people feel the federal minimum wage of $7.25 is too low, and a minimum wage...

Many people feel the federal minimum wage of $7.25 is too low, and a minimum wage closer to $9 is more appropriate. List three arguments for raising the federal minimum wage OR three arguments against raising the federal minimum wage. I would like two arguments to be from the notes, and one to be your own argument. Please make the case, rather than just provide bullet points.

Do you believe the federal government should set minimum wage or should minimum wage be set...

Do you believe the federal government should set minimum wage or should minimum wage be set by the states.

Is the minimum wage a living wage? Under what circumstances would a minimum wage be a...

Is the minimum wage a living wage? Under what circumstances would a minimum wage be a nonbinding price floor? Under what circumstances would a living wage be a binding price floor? Should the government enforce a minimum wage? Should the government implement a living wage?

Define a price floor. Explain what problems are created. Explain why the minimum wage could be...

Define a price floor. Explain what problems are created. Explain why the minimum wage could be considered a price floor. What are the consequences of raising the minimum wage? Investigate two other aspects of raising the minimum wage: the ripple effect and stealth tax and explain how they would affect raising the minimum wage. Can economists say definitively that the minimum wage should be raised? Why or why not?

Discussion of the legislation that established the federal minimum wage, the year that it was established,...

Discussion of the legislation that established the federal minimum wage, the year that it was established, and the major reasons for establishing the legislation.

Assume the federal government were to step in and increase the minimum wage to $15/hour. What...

Assume the federal government were to step in and increase the minimum wage to $15/hour. What would happen, according to a supply and demand model. Include a graph.

Explain the characteristics of an "effective" minimum wage. What is the argument for the minimum wage?...

Explain the characteristics of an "effective" minimum wage. What is the argument for the minimum wage? What is the argument against the minimum wage?

Let’s explore how a 20% increase in the federal minimum wage from $7.25 to $8.70 would...

Let’s explore how a 20% increase in the federal minimum wage from $7.25 to $8.70 would affect workers and employers. Currently, about 8 million people (out of a total of 140 million workers) earn between $7.25 and $8.70. To predict how a 20% increase in the minimum wage would affect workers and employers, we need to know something about the elasticity of demand for low skill labor. Throughout the problem, assume workers average 25 hours per week. Many economists have...

Minimum wage has been a hot topic in recent years. How could increases to the federal...

Minimum wage has been a hot topic in recent years. How could increases to the federal minimum wage level effect unemployment? Using macroeconomic theory, offer a valid argument as to why the federal minimum wage rate should increase or remain relatively low as it has been for years.

Subjects