?19742015Minimum wage per hour$ 2.00$ 7.25Weekly income from minimum wage$80.00$290.00Cost of a standard basket of goods$47.00$236Number of baskets per week1.701.23
Use Table 2.5 above to answer the question. By what percentage did the federal minimum wage increase between 1974 to 2015?
A. 72.41 percent
B. 262.5 percent
C. 362.5 percent
D. 525.0 percent
Answer: B
You might also like to view...
Some economists develop theories concerning policy issues to
A. further their own political agendas. B. understand what happened in an earlier time period. C. describe current economic events. D. make sound recommendations about policy alternatives. E. help elect new government officials.
How can the Fed reduce the implicit tax on banks resulting from reserve requirements?
A) lowering the discount rate B) paying interest on reserves C) reducing the federal funds rate D) increasing the federal funds rate
For a person earning $75,000, the average tax rate is:
A. 10%
B. 15%
C. 19%
D. 17%
Firms with market power must decide all of the following except
A. how to produce it. B. how much to supply in each input market. C. what price to charge for their output. D. how much to produce.