Figure 3-18 in the text shows the ratio of the federal minimum wage to the average hourly
Question:
(a) Describe how this ratio has changed from the 1950s to the 1990s. What might have caused this apparent shift in fundamental economic behavior in the United States?
(b) This ratio fell steadily from 1968 to 1974 and again from 1980 to 1990, but the underlying dynamics of the minimum wage and the average manufacturing wage were different during the two time periods. Explain.
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a The ratio of the federal minimum wage to the average hourly manufacturing wage averaged about 05 from 1950 to 1968 That is a manufacturing job paid ...View the full answer
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