The European Union (EU) classifies minimum wage into three categories: high range, mid-range, and low range. In
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The European Union (EU) classifies minimum wage into three categories: high range, mid-range, and low range. In 2018, a Hungarian would have received €444.1 (about 143,133 Hungarian forints) a month as minimum wage, while a person in the United Kingdom would have received €1,462.6 (about £1,315) a month as minimum wage. Does this mean that the Hungarian is almost four times “worse-off” than the British individual?
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Comparing minimum wages between different countries can provide some insight into the relative purchasing power and standards of living but it does no...View the full answer
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Related Book For 
Principles Of Economics
ISBN: 9781292294698
13th Global Edition
Authors: Karl E. Case, Ray C. Fair, Sharon E. Oster
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