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trea48 trea48
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5 years ago
​19742011
Minimum wage per hour$  2.00$    7.25
Weekly income from minimum wage$80.00$290.00
Cost of a standard basket of goods$47.00$225.00
Number of baskets per week1.701.29

​Table 2.5

Comparing the minimum wages between 1974 and 2011 addresses the economic concept of:

▸ the principle of voluntary exchange.

▸ the principle of diminishing returns.

▸ the real-nominal principle.

▸ the marginal principle.
Textbook 
Microeconomics: Principles, Applications, and Tools

Microeconomics: Principles, Applications, and Tools


Edition: 8th
Authors:
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wasanwasan
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trea48 Author
wrote...
#2
5 years ago
Thanks
wrote...
#3
5 years ago
​19742011
Minimum wage per hour$  2.00$    7.25
Weekly income from minimum wage$80.00$290.00
Cost of a standard basket of goods$47.00$225.00
Number of baskets per week1.701.29

​Table 2.5

Refer to the table above. The nominal value of the minimum wage in 2011 was:

▸ $2.00 per hour.

▸ $3.63 per hour.

▸ $5.62 per hour.

▸ $7.25 per hour.
wrote...
#4
5 years ago
$7.25 per hour.
wrote...
#5
5 years ago
​19742011
Minimum wage per hour$  2.00$    7.25
Weekly income from minimum wage$80.00$290.00
Cost of a standard basket of goods$47.00$225.00
Number of baskets per week1.701.29

​Table 2.5

Refer to the table above. What happened to the real value of the minimum wage between 1974 and 2011?

▸ It decreased.

▸ It increased.

▸ It remained the same.

▸ It could not be determined from the given information.
wrote...
#6
5 years ago
It decreased.
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#7
5 years ago
Thanks
wrote...
#8
5 years ago
​19742011
Minimum wage per hour$  2.00$    7.25
Weekly income from minimum wage$80.00$290.00
Cost of a standard basket of goods$47.00$225.00
Number of baskets per week1.701.29

​Table 2.5

Refer to the table above. By what percentage did the federal minimum wage increase from 1974 to 2011?

▸ 72.41 percent

▸ 262.5 percent

▸ 362.5 percent

▸ 525.0 percent
wrote...
#9
5 years ago
262.5 percent
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