In 1950, Congress raised the federal minimum wage to seventy-five cents ($0.75) per hour. The CPI in 1950 was equal to 24, and now it is equal to about 240. What would the 1950 minimum wage be equal to in terms of today's dollars? O $7.50 O $5.30 O $4.10 O $3.20
In 1950, Congress raised the federal minimum wage to seventy-five cents ($0.75) per hour. The CPI in 1950 was equal to 24, and now it is equal to about 240. What would the 1950 minimum wage be equal to in terms of today's dollars? O $7.50 O $5.30 O $4.10 O $3.20
Chapter18: Introduction To Macroeconomics: Unemployment, Inflation, And Economic Fluctuations
Section: Chapter Questions
Problem 18P
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