16. fill in blank Use the table to the right, which shows the federal minimum wage over thepast 70 years, to answer the following question.How high would the minimum wage need to have been in 1990 to match the1968 inflation-adjusted value shown in the table (which is the highest valuein the table)? How does that compare to the actual minimum wage in 1990?the actual minimum wage in 1990.(Round to the nearest cent as needed.)Actual 2020dollars dollarsYear$0.25 $4.591979 $2.90$0.30 $5.59$3.351981$0.40 $5.76 1990 $3.50$8.20 1991$4.25$0.75$1.00 $9.491996 $4.75$1.25 $10.83 1997 $5.15$11.91 2008$10.82 2007 $5.85$6.55$10.44 2009 $7.252020 $7.25Actual2020dollars dollars$10.35Year19381939194519501956196119671968$1.40$1.601974 $2.001976 $2.30 $10.491978 $2.65 $10.53In order for the minimum wage in 1990 to match the highest inflation-adjusted value, the minimum wage would need to be $is$9.55$6.94$8.08$7.84$8.31$7.31$7.88$8.75$7.25which

To determine the minimum wage in 1990 that would match the highest inflation-adjusted value shown in…

Use the table to the right, which shows the federal minimum wage over the past 70 years, to answer the following question. How high would the minimum wage need to have been in 1990 to match the 1968 inflation-adjusted value shown in the table (which is the highest value n the table)? How does that compare to the actual minimum wage in 1990? Actual 2020 dollars dollars Actual 2020 Year Year 1979 $2.90 dollars dollars 1938 $0.25 $4.59 1939 $0.30 $5.59 1981 1945 $0.40 $5.76 1990 $3.35 $3.50 1991 $4.25 1996 $4.75 1950 $0.75 $8.20 1956 $1.00 $9.49 1961 1967 $1.25 $10.83 1997 $5.15 $8.31 1968 $1.40 $10.82 2007 $5.85 $7.31 $1.60 $11.91 2008 $6.55 $7.88 $2.00 $10.44 2009 $7.25 1974 $8.75 1976 $2.30 $10.49 2020 $7.25 $7.25 1978 $2.65 $10.53 $10.35 $9.55 $6.94 $8.08 $7.84 n order for the minimum wage in 1990 to match the highest inflation-adjusted value, the minimum wage would need to be $, which S ▼the actual minimum wage in 1990.

Use the table to the right, which shows the federal minimum wage over the past 70 years, to answer the following question. How high would the minimum wage need to have been in 1990 to match the 1968 inflation-adjusted value shown in the table (which is the highest value n the table)? How does that compare to the actual minimum wage in 1990? Actual 2020 dollars dollars Actual 2020 Year Year 1979 $2.90 dollars dollars 1938 $0.25 $4.59 1939 $0.30 $5.59 1981 1945 $0.40 $5.76 1990 $3.35 $3.50 1991 $4.25 1996 $4.75 1950 $0.75 $8.20 1956 $1.00 $9.49 1961 1967 $1.25 $10.83 1997 $5.15 $8.31 1968 $1.40 $10.82 2007 $5.85 $7.31 $1.60 $11.91 2008 $6.55 $7.88 $2.00 $10.44 2009 $7.25 1974 $8.75 1976 $2.30 $10.49 2020 $7.25 $7.25 1978 $2.65 $10.53 $10.35 $9.55 $6.94 $8.08 $7.84 n order for the minimum wage in 1990 to match the highest inflation-adjusted value, the minimum wage would need to be $, which S ▼the actual minimum wage in 1990.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter22: Inflation

Section: Chapter Questions

Problem 10SCQ: A fixed-rate mortgage has the same interest rate over the life of the loan, whether the mortgage is...

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