Impact of Increase in Minimum Wage to 15 Dollars Per Hour
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Question
Analyse the impact of an increase in the minimum wage from the current level to $15 per hour. How would the following be affected?
- Employment of people previously earning less than $15 per hour
- The unemployment rate of teenagers
- The availability of on the job training for low-skilled workers
- The demand for high-skilled workers who are good substitutes for low-skilled workers
Summary
This question belongs to economics and discusses about impact of an increase in the minimum wage per hour.
Word count: 123
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