Are you in favor of a minimum wage increase?

Are you in favor of a minimum wage increase?
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Answer :

The reality is that increasing the minimum wage has mixed results, but is not the widespread destruction in employment that people like Pugh fear. In many ways, increasing the minimum wage increases the disposable income spent at locations that hire minimum wage earners. Paying poor people enough for a bit of entertainment or one more sandwich from Subway each month will result in higher demand for those businesses. The most effective way to increase spending in a community is to increase the take home pay of the lowest paid people, because they spend the money as soon as they get it; in economic terms, it increases the velocity of money through the economy.
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When the minimum wage goes up, how does the money cycle change?

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Most of us know a minimum wage is not a living wage, so in your opinion what would a minimum living wage be for the area that you live in?

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Last Answer : San Francisco just went to $10.74 hour, but the Mayor thinks it should be $15 which is really a bare minimum to live here.

Would a wage increase affect aggregate demand or supply?

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Last Answer : I don’t know much about economics, but the third option is that the effects might cancel out, meaning no change.

If raising minimum wage will kill businesses and and increase inflation, then wouldn't reducing the earnings of the people at the top of corporations have the opposite effect?

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Is the problem with the economy, the poor want a living wage, or the wealthy get paid too much?

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How does the "human capital model" and "labor market discrimination model" explain the gender wage gap?

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Which of the following statements is correct? (1) Most workers will work for less than their reservation wage. (2) The reservation wage is the maximum amount any firm will pay for a worker. (3) Economic rent is the difference between the market wage and the reservation wage. (4) Economic rent is the amount one must pay to enter a desirable labour market.

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Production Function relates to: (1) costs to outputs (2) costs to inputs (3) inputs to outputs (4) wage level to profits

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The main determinant of real wage is - (1) extra earning (2) nature of work (3) promotion prospect (4) purchasing power money

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Last Answer : (b) Level of income and rate of interest

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Description : Taxation is a tool of (1) Monetary policy (2) Fiscal policy (3) Price policy (4) Wage policy

Last Answer : Fiscal policy

According to the classical system, saving is a function of (1) Income (2) The interest rate (3) The real wage (4) The Price level

Description : According to the classical system, saving is a function of (1) Income (2) The interest rate (3) The real wage (4) The Price level

Last Answer : Income

Which of the following statements is correct ? (1) Most workers will work for less than their reservation wage. (2) The reservation wage is the maximum amount any firm will pay for a worker. (3) Economic rent is the difference between the market wage and the reservation wage. (4) Economic rent is the amount one must pay to enter a desirable labour market.

Description : Which of the following statements is correct ? (1) Most workers will work for less than their reservation wage. (2) The reservation wage is the maximum amount any firm will pay for a worker. (3) ... reservation wage. (4) Economic rent is the amount one must pay to enter a desirable labour market. 

Last Answer :  Economic rent is the difference between the market wage and the reservation wage.

Which of the following occurs when labour productivity rises ? (1) The equilibrium nominal wage falls. (2) The equilibrium quantity of labour falls. (3) Competitive firms will be induced to use more capital (4) The labour demand curve shifts to the right

Description : Which of the following occurs when labour productivity rises ? (1) The equilibrium nominal wage falls. (2) The equilibrium quantity of labour falls. (3) Competitive firms will be induced to use more capital (4) The labour demand curve shifts to the right

Last Answer : The labour demand curve shifts to the right

Wage fund theory was propounded by (1) J.B. Say (2) J.S. Mill (3) J.R. Hicks (4) J.M. Keynes

Description : Wage fund theory was propounded by (1) J.B. Say (2) J.S. Mill (3) J.R. Hicks (4) J.M. Keynes

Last Answer : J.S. Mill 

Exploitation of labour is said to exist when (1) Wage = Marginal Revenue Product (2) Wage < Marginal Revenue Product (3) Wage > Marginal Revenue Product (4) Marginal Revenue Product = 0

Description : Exploitation of labour is said to exist when (1) Wage = Marginal Revenue Product (2) Wage < Marginal Revenue Product (3) Wage > Marginal Revenue Product (4) Marginal Revenue Product = 0 

Last Answer : Wage < Marginal Revenue Product

The main determinant of real wage is (1) extra earning (2) nature of work (3) promotion prospect (4) purchasing power of money

Description : The main determinant of real wage is (1) extra earning (2) nature of work (3) promotion prospect (4) purchasing power of money

Last Answer : purchasing power of money

Purchasing Power Parity theory is related with (1) Interest rate (2) Bank rate (3) Wage rate (4) Exchange rate

Description : Purchasing Power Parity theory is related with (1) Interest rate (2) Bank rate (3) Wage rate (4) Exchange rate

Last Answer :  Exchange rate

The measure of a worker’s real wage is (1) The change in his productivity over a given time (2) His earnings after deduction at source (3) His daily earnings (4) The purchasing power of his earnings

Description : The measure of a worker’s real wage is (1) The change in his productivity over a given time (2) His earnings after deduction at source (3) His daily earnings (4) The purchasing power of his earningsec

Last Answer : The purchasing power of his earnings

Why are volunteers, and interns, exempt from minimum wage laws?

Description : Why are volunteers, and interns, exempt from minimum wage laws?

Last Answer : You can look up the definition of volunteer. https://www.dol.gov/agencies/whd/fact-sheets/71-flsa-internships

Should the minimum wage be tied to some economic metric?

Description : Should the minimum wage be tied to some economic metric?

Last Answer : Cost of living seems like the obvious one to me, if realistically assessed. More interesting and egalitarian would be highest income. As in, the minimum wage is some fraction of the highest person’s income, not adjusted by any loopholes.

Is there actually a crisis as is claimed if people will not work minimum wage jobs if they can earn more on unemployment?

Description : Is there actually a crisis as is claimed if people will not work minimum wage jobs if they can earn more on unemployment?

Last Answer : I was furloughed in the early days of the pandemic for 3 weeks. I was bringing home more money on unemployment plus the extra 600 a week my state was giving the unemployed. But my company would not ... a week has stopped. I think they are taking advantage of the situation. Not all people, but some.

Can asking for minimum wage put off one's job chances of for a famous fast food restaurant as a cashier?

Description : Can asking for minimum wage put off one's job chances of for a famous fast food restaurant as a cashier?

Last Answer : Maybe it wasn’t the fact that you requested minimum wage, which is what is expected as a cashier at a fast food restaurant. Maybe it was the lack of experience on your part. Maybe someone else had applied that has worked at fast food before, and they hired that person.

Why is the minimum wage going up?

Description : Why is the minimum wage going up?

Last Answer : Inflation

Do you think we should have a Federal Minimum Wage?

Description : Do you think we should have a Federal Minimum Wage?

Last Answer : You’re right – capitalism doesn’t work.

Are business owners exempt from minimum wage laws and overtime?

Description : Are business owners exempt from minimum wage laws and overtime?

Last Answer : You could just make them all salary positions. OT goes away. But typically, businesses (especially small businesses) just make jobs part time to minimize payroll expenses. I would hesitate to make all ... as you sign the papers making them part owners, they could walk and you would owe them.

Has there ever been a minimum wage lower than $0.00 a hour?

Description : Has there ever been a minimum wage lower than $0.00 a hour?

Last Answer : A person needs income to live on. Slaves had to be given free room and board. They had to either have been given food or provided with land to grow their own. Volunteers get $0.00. Could ... responsible position? Some of them may donate cash or supplies. Would that make them earn a negative income?

Why are volunteers exempted from minimum wage laws?

Description : Why are volunteers exempted from minimum wage laws?

Last Answer : By definition, volunteers don’t get paid.

How high do you think a government mandated minimum wage should go?

Description : How high do you think a government mandated minimum wage should go?

Last Answer : It should be indexed by inflation. Every year.

When is a proposed minimum wage hike too high?

Description : When is a proposed minimum wage hike too high?

Last Answer : No. It balances out in the end. Costs go up and compensates for the increase.

How do you eat healthy while on a fixed income or minimum wage?

Description : How do you eat healthy while on a fixed income or minimum wage?

Last Answer : For one, you need to re-read some of the answers to your questions that were similar to this one. There has been tons of advice from all of us on how to eat healthy on a budget. First, you ... I hope this will get you started down the road to a healthier diet, while still maintaining your budget : )

Should I have asked for anything other than minimum wage? (detals inside)

Description : Should I have asked for anything other than minimum wage? (detals inside)

Last Answer : Edit I applied as a cashier.

Has anyone in the world experenced a negative minimum wage or interest rate?

Description : Has anyone in the world experenced a negative minimum wage or interest rate?

Last Answer : Yes. They used to be called “apprenticeships”. You’d pay an expert to teach you their craft, and usually room and board while you learned. The “learning” often involved doing the menial, laborious parts of the job for several years before actual teaching began.

Creeping prices, an effect of the raise in minimum wage in the future?

Description : Creeping prices, an effect of the raise in minimum wage in the future?

Last Answer : The tiresome justification for slave wages. But let's step back and consider for a second the Walmart heirs now worth billions from the simple tactic of routinely paying employees a wage insufficient ... living, but are fed by taxpayers. Profits are privatized while expenses are socialized. Get it?

If we have minimum hourly wage then what about a minimum monthly wage?

Description : If we have minimum hourly wage then what about a minimum monthly wage?

Last Answer : So what are you proposing? I don’t quite understand what you are trying to say here? If an employer hires you they have to promise a certain amount of hours per month type thing?

What's more important? A higher minimum wage, or a 40 hour workweek?

Description : What's more important? A higher minimum wage, or a 40 hour workweek?

Last Answer : answer:I personally care more about the wage than having 40 hours. If I can work 30 and make enough money that sounds good to me. Flexibility in the work schedule is most important to me in ... work. If we get rid of health care through our employers that whole part of the equation disappears.