easy econ paper

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Economics

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Homework # 4. Submit your answers on a one page, printed document, submitted in class. Format: Single space, twelve point font, one inch margins. Your full name and UB person id should be on the top of the page. Use the entire page. No handwritten homework’s. Late homework’s shall not be accepted. Assignment: Pages 144 & 145 in Parkins 12th edition discusses the minimum wage. Discuss: 1) Many states have raised the minimum wage above the federal minimum. Does this distort the labor markets in that state? 2) Is the federal minimum wage below the equilibrium wage here in New York state? 3) Why does government intervene in labor markets? 4) If the free market set wages rates, what would the likely outcome in regards to the unemployment rate be exhibited? Make sure you: 1) Introduce your topic. 2) Answer the questions. 3) Conclude and summarize your thought(s) on the subject.
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Running Head: WAGE RATE

1

Wage Rate
Name
Institution

WAGE RATE

2
Introduction

A wage is a form of compensation in monetary form paid by an employer to an employee that
can be calculated hourly, daily, and weekly or in piecework basis. It is considered as part of the
operation costs of a business. In the United States, approximately 56% of the employees earn
hourly wages. The federal minimum wage rate was set at $5.15 an hour in 1998 but it raised to
$7.25 in the year 2010 and that is where it stands up to date. The federal law gives the states the
freedom to adjust their wage rates but only the higher rate applies. This means that the state wage
rate can be higher than the federal rate but in the case where they set a lower rate, then the
federal rate wil...

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