1st attempt When President Obama proposed increasing the minimum wage, he argued that a minimum-wage worker today should earn the same amount of money in real terms as a minimum-wage worker in 1979. But why pick 1979? Why not go back to 1938, the first year of the minimum wage? Why not 1999? For each of the years listed below, calculate what the minimum wage would be today if it had kept up with inflation since that year. Today, the minimum wage is $7.25 and the consumer price index (CPI) is 256. (Round your answer to two decimal places) Year 1938 1979 1999 Minimum wage $0.25 $2.90 $3.80 CPI 14 69 127 Wage today adjusted for inflation $ $ $

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3: Price Level & Inflation
Year
1938
1st attempt
When President Obama proposed increasing the minimum wage, he argued that a minimum-wage worker today should earn the same
amount of money in real terms as a minimum-wage worker in 1979. But why pick 1979? Why not go back to 1938, the first year of the
minimum wage? Why not 1999? For each of the years listed below, calculate what the minimum wage would be today if it had kept up
with inflation since that year. Today, the minimum wage is $7.25 and the consumer price index (CPI) is 256. (Round your answer to two
decimal places.)
1979
1999
Minimum
wage
$0.25
$2.90
$3.80
10 OF 25 QUESTIONS COMPLETED
CPI
14
69
127
12/29/23 SCOME
35%
Wage today adjusted for
inflation
$
$10.76
$
gustins@mail.sacredheart.edu
< 11/25 >
SUBMIT ANSWER
Transcribed Image Text:3: Price Level & Inflation Year 1938 1st attempt When President Obama proposed increasing the minimum wage, he argued that a minimum-wage worker today should earn the same amount of money in real terms as a minimum-wage worker in 1979. But why pick 1979? Why not go back to 1938, the first year of the minimum wage? Why not 1999? For each of the years listed below, calculate what the minimum wage would be today if it had kept up with inflation since that year. Today, the minimum wage is $7.25 and the consumer price index (CPI) is 256. (Round your answer to two decimal places.) 1979 1999 Minimum wage $0.25 $2.90 $3.80 10 OF 25 QUESTIONS COMPLETED CPI 14 69 127 12/29/23 SCOME 35% Wage today adjusted for inflation $ $10.76 $ gustins@mail.sacredheart.edu < 11/25 > SUBMIT ANSWER
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