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? $3.20 O $7.50 $5.30 O $4.10

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? $3.20 O $7.50 $5.30 O $4.10

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter18: Introduction To Macroeconomics: Unemployment, Inflation, And Economic Fluctuations

Section: Chapter Questions

Problem 18P

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Question

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 $3.20
O $7.50
O $5.30
O $4.10

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