Economics · Labor Welfare & Wages
Which of the following best describes the difference between a Minimum Wage and a Living Wage?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
Share:
- 1Minimum wage fluctuates according to daily market demand, whereas living wage is fixed uniformly by international labor treaties.
- 2Minimum wage guarantees subsistence-level income legally required to prevent exploitation, while living wage covers basic necessities for a decent standard of living, including food, housing, health, and education.✓
- 3Minimum wage is a legal mandate for industrial workers only, while living wage is determined voluntarily by employers.
- 4Minimum wage ensures a worker's right to leisure, while living wage ensures access to social security and pension.
Correct answer
Minimum wage guarantees subsistence-level income legally required to prevent exploitation, while living wage covers basic necessities for a decent standard of living, including food, housing, health, and education.
Download Single Question PDF
Save this question and verified answer as a clean study sheet with live clickable link.
👥
Share with Friends & Study Groups
Challenge your peer aspirants on WhatsApp or Telegram to solve this question!
Online Test Series
Start Free Mock Test →Preparing for Economics?
Practice full-length mock tests with real exam timers, instant score analysis, and all-India ranking.
Chapter Practice
Practice Labor Welfare & Wages MCQs →Want more practice questions on Labor Welfare & Wages?
Solve complete topic-wise tests with detailed solutions on GkGet.
Related Practice Questions
Recommended practice questions in Economics · Labor Welfare & Wages