In a hypothetical country, fifty years ago, the minimum wage was approximately $1.50 per hour. At the same time, a family with two adults and two children could live in that country for about $50 per week for food and necessities. Fifty years later, the minimum wage in that country is about $8.00 per hour and the cost of living has gone up to approximately $500 per week for an equivalent family of four. Discuss the changes that you assume has happened in that county’s economy because of the inflationar

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