Question
Back in 1920, California minimum hourly wage was $0.33. In 2018, the minimum wage was $11.00. Did workers in 1920 get paid the same (in
Back in 1920, California minimum hourly wage was $0.33. In 2018, the minimum wage was $11.00. Did workers in 1920 get paid the same (in terms of purchase power) as workers in 2018? Explain your answer. (hint: CPI in 1920 was 20 while CPI in 2018 equaled 251.1)
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Principles of economics
Authors: N. Gregory Mankiw
6th Edition
978-0538453059, 9781435462120, 538453052, 1435462122, 978-0538453042
