Table 2.5

-Refer to the table above. What happened to the real value of the minimum wage between 1974 and 2011?
A) It remained the same.
B) It increased.
C) It decreased.
D) It could not be determined from the given information.

Question

Table 2.5
 
-Refer to the table above. What happened to the real value of the minimum wage between 1974 and 2011?
A) It remained the same. 
B) It increased. 
C) It decreased. 
D) It could not be determined from the given information.

Quizplus · Accepted Answer

The real value of the minimum wage decreased between 1974 and 2011, as it accounts for inflation and purchasing power, which typically diminishes over time if the nominal wage does not increase proportionally.

Table 2.5 -Refer to the Table Above. What Happened to the Real