5. At $7.25 per hour the 2016 inflation adjusted minimum wage was low. B) at an

Question

5. At $7.25 per hour the 2016 inflation adjusted minimum wage was low. B) at an all-time high. C) near its historical average. D) statutorily constant. At $5.15 per hour the 2007 inflation adjusted minimum wage was A) nearing a 50-year low. B) at an all-time high C) slightly above the historical average. D) statutorily constant 6. 7. To get to its inflation adjusted all-time high, the minimum wage in 2016 would have to be at least A) S5.50. B) $11.00. C) $14.00. D) $20.00. The longest period of time where the minimumwage remained constant in nominal terms was during A) the R B) the Bush (George Herbert Walker) Administration. C) the Clinton Administration. D) the Eisenhower Administration. · Administration.

Explanation / Answer

5. The right answer is option A) nearing a 50 year low.

Explanation: In 1968, the federal minimum wage was $8.68 ( in 2016 dollar). The current $7.25 minimum wage has 9.6% less purchasing power than that of 1968.

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