1. Seattle’s minimum wage for businesses with 501 employees or more as of January 2022 is $17.27 per hour (i.e., the nominal wage). If the January 2022 CPI is 281.148 according to Bureau of Labor Statistics (BLS), what is the real wage rate in 2022? Group of answer choices a. $6.14 b. $7.25 c. $16.28 d. $17.27
1. Seattle’s minimum wage for businesses with 501 employees or more as of January 2022 is $17.27 per hour (i.e., the nominal wage). If the January 2022 CPI is 281.148 according to Bureau of Labor Statistics (BLS), what is the real wage rate in 2022? Group of answer choices a. $6.14 b. $7.25 c. $16.28 d. $17.27
Chapter13: Inflation
Section: Chapter Questions
Problem 2SQP
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Question
1. Seattle’s minimum wage for businesses with 501 employees or more as of January 2022 is $17.27 per hour (i.e., the nominal wage). If the January 2022 CPI is 281.148 according to Bureau of Labor Statistics (BLS), what is the real wage rate in 2022?
Group of answer choices
a. $6.14
b. $7.25
c. $16.28
d. $17.27
2. According to the circular flow diagram, if you decide to get a job and work (i.e., sell your labor) then you would go to:
Group of answer choices
a. factor markets
b. firms
c. goods market
d. households
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