ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The federally mandated minimum wage in the United States is 7.25 U.S. dollars per hour, although the minimum wage varies from state to state. As of January 1, 2023, the District of Columbia had the highest minimum wage in the U.S., at 16.50 U.S. dollars per hour.

Detailed explanation-2: -The worldwide highest income is earned in Monaco. The smallest budget per capita exists in Afghanistan. In our comparison over 69 countries, the USA comes 7th with an average income of 70, 930 USD. The average income is calculated by gross national income and population.

Detailed explanation-3: -Raising wages will likely make employees happy because they will see an increase in their take-home pay. They will also be more committed to their work because they will feel they are getting paid fairly for their efforts.

Detailed explanation-4: -Minimum Wage. Minimum wage is the most widely recognized term in the realm of employee compensation. Living Wage. Living wage is the lowest wage at which the wage earner and his/her family can afford the most basic costs of living. Prevailing Wage. Tipped Wage. Fair Wage.