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Labor Economics 6th Edition by George Borjas
Edition 6ISBN: 978-0073523200Labor Economics 6th Edition by George Borjas
Edition 6ISBN: 978-0073523200 Exercise 2
Figure 3-18 in the text shows the ratio of the federal minimum wage to the average hourly manufacturing wage.
a. Describe how this ratio has changed from the 1950s to the 1990s. What might have caused this apparent shift in fundamental economic behavior in the United States
b. This ratio fell steadily from 1968 to 1974 and again from 1980 to 1990, but the underlying dynamics of the minimum wage and the average manufacturing wage were different during the two time periods. Explain.
Reference Figure 3-18 Minimum Wages in the United States, 1938-2007
a. Describe how this ratio has changed from the 1950s to the 1990s. What might have caused this apparent shift in fundamental economic behavior in the United States
b. This ratio fell steadily from 1968 to 1974 and again from 1980 to 1990, but the underlying dynamics of the minimum wage and the average manufacturing wage were different during the two time periods. Explain.
Reference Figure 3-18 Minimum Wages in the United States, 1938-2007
Explanation
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a) Let's describe how the ratio of the f...
Labor Economics 6th Edition by George Borjas
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