Answer to Question #213070 in Macroeconomics for geoffrey

Question

a)     Discuss whether minimum wage laws are good or bad for the economy.

Answer 1

Solution:

Minimum wage laws refer to a set of laws that prohibits employers from taking advantage of employees through exploitation. It displays the terms, timeline, and human resources in charge

Minimum wage laws are bad for the economy since the job market works exactly the same way as other markets. When the government sets up a minimum wage, it is harming both the employers and workers and hurting the economy.