Is a minimum wage job "minimum wage" because the high competition for the job, or because it is easy?

Is a minimum wage job "minimum wage" because the high competition for the job, or because it is easy?
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1 Answer

Answer :

Neither. It is usually because of the low skills level necessary to be hired to do the job. That doesn’t make it easy, it means the required training is minimal.
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Job Evaluation is carried on mainly for– (A) identifying geographical locational factors of business enterprise (B) promoting job satisfaction (C) simplifying wage administration (D) meeting competition effectively

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Under perfect competition, the industry does not have any excess capacity because each firm produces at the minimum point on its - (1) long-run marginal cost curve (2) long-run average cost curve (3) long-run average variable cost curve (4) long-run average revenue curve

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

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

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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.

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 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.