The table below presents some data on the federal minimum wage and the CPI for several years. Fill in the column for “minimum wage in 2020 $s." Year Minimum wage CPI Minimum wage in 2020 $s 1949 $0.40 23.8 1968 $1.60 34.8 1995 $4.25 152.4 2020 $7.25 259.1 2024 (proposed) $15 306 (projected) What was the 1949 minimum wage equivalent to in 2020 $s?

Economic

Here are some recent data on the US consumer price index:  Year  CPI  Year  CPI  Year  CPI  2016  240.0  2011  224.9  2006  201.6  2015  237.0  2010  218.1  2005  195.3  2014  236.7  2009  214.5  2004  188.9  2013  233.0  2008  215.3  2003  184.0  2012  229.6  2007  207.3  2002  179.9    Compute the inflation rate of each year 2003-2016 and determine which were years of inflation. In which years did deflation occur? In which years did disinflation occur? Was there hyperinflation in any year?

You have just graduated from college.  You, your older sister, your mother and your father are comparing the starting salaries in your first jobs.  The year you each started your first job, the CPI in that year and your staring salary are given below.  Which of you started your first job with the highest real income?   Instructions:  Enter your responses rounded to two decimal places.   Year Family member CPI Starting Salary Real Income 1980 Your father 0.82 $14,500 $ 1985 Your mother 1.08 $17,800 $ 2010 Your older sister 2.18 $39,200 $ 2017 You 2.44 $41,500 $ The family member that started with the highest real income was   (Click to select)    your older sister  .

13. In 2018 your annual salary was $54,370 per year and the CPI was 133.4. In 2022 your annual salary was $59,140 and the CPI was 151.2. a. What should your annual salary have been in 2022 if your 2018 annual salary increased at the rate of inflation from 2018 to 2022? Round your answer to the nearest dollar. b. By what percent was your actual 2022 salary above or below your inflation adjusted salary from part (a)? You must specifically state whether it was above or below the inflation adjusted salary. (answer as a % to 2 decimals)

Q32

AP Macro

The federal minimum wage in 1991 was $4.25.  The value of the CPI in 1991 was 136.2  The value of the CPI in 2018 was 251.107.  The federal minimum wage in 2018 was $7.25.   Round your answers to two decimal places. The real value of the minimum wage in 1991 measured in base year dollars was $  .  The real value of the minimum wage in 1991 measured in 2018 dollars was $  .  Minimum wage workers were better off in 1991 than they were in 2018.  Enter T for true or F for false.

On Orca Island, people consume fish sandwiches and snow cones. Use the data in the table to calculate the inflation rate from 2013 to 2014, based on the Consumer Price Index (CPI). Take 2013 as your base year. Round your answer to two decimal places. Price in Quantity in Price in Quantity in 2013 2013 2014 2014 Fish $7.00 800 $8.00 750 sandwiches Snow cones $4.00 1500 $4.50 1100 -5.60 inflation rate: Incorrect %

The table shows the quantities of the goods Suzie bought and the prices she paid during two consecutive weeks. Suzie's CPI market basket contains the goods she bought in Week 1. Calculate the cost of Suzie's CPI market basket in Week 1 and in Week 2. What percentage of the CPI market basket is gasoline? Calculate the value of Suzie's CPI in Week 2 and her inflation rate in week 2. The cost of Suzie's CPI market basket in Week 1 is $ >>> Answer to 2 decimal places. m Week 1 Item Coffee Books Gasoline Week 2 Item Coffee Books Gasoline Concert Quantity 8 cups 1 25 gallons Quantity 8 cups 4 15 gallons 1 ticket Price $4.00 a cup $25.00 each $2.00 a gallon Price $4.00 a cup $12.50 each $2.50 a gallon $95 each