Business, 28.11.2020 01:00 Ddom

In a hypothetical country, fifty years ago, the minimum wage was approximately $1.50 per hour. At the same time, a family with two adults and two children could live in that country for about $50 per week for food and necessities. Fifty years later, the minimum wage in that country is about $8.00 per hour and the cost of living has gone up to approximately $500 per week for an equivalent family of four. Discuss the changes that you assume has happened in that county’s economy because of the inflationary pressures experienced over those fifty years.

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In a hypothetical country, fifty years ago, the minimum wage was approximately $1.50 per hour. At th...

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