Asked by Mikayla Muller on Jun 30, 2024
Verified
The impact of the minimum wage depends on the skill and experience of the worker.
Minimum Wage
The lowest legal hourly rate that workers can be paid by their employers, set to ensure a minimum standard of living for workers.
Skill
The ability to perform tasks and solve problems due to knowledge, practice, aptitude, and experience.
- Acquire knowledge on the impact of enforcing binding minimum wages on labor market conditions, including levels of employment.
- Identify the population group most impacted by the legislation governing minimum wages.
Verified Answer
SK
Samantha KuilanJul 05, 2024
Final Answer :
True
Explanation :
The impact of the minimum wage varies because it can benefit low-skilled or inexperienced workers by ensuring a minimum income, but it might also lead to reduced employment opportunities for them if employers find the mandated wage too high relative to the value of the work being performed.
Learning Objectives
- Acquire knowledge on the impact of enforcing binding minimum wages on labor market conditions, including levels of employment.
- Identify the population group most impacted by the legislation governing minimum wages.