1. The following table shows the nominal minimum wage rate in the United States over the last 50 years with the corresponding CPI for each year. Use this information to calculate the minimum wage in 2016 dollars and comment on the changes that you observe over time. NOMINAL YEAR MINIMUM WAGE CPI Calculate Real Wages 1966 $1.25 32.8 1976 $2.30 57.6 1986 $3.35 110 1996 $4.75 157.7 2006 $5.15 202.8 2016 $7.25 241 b. Why wouldn't the nominal minimum wage be used to compare changes in the minimum wage over time? Did the real wages keep up with in inflation rate? Explain. 2 points