Recall Application 5, "The Declining Real Minimum Wage," to Answer

question 185

Multiple Choice

Recall Application 5, "The Declining Real Minimum Wage," to answer the following questions:
-According to the application, if the weekly income from 1974 to 2007 increased from $80 to $234, but the number of standard baskets of goods that the weekly income decreased from 1.70 to 1.16 in 2007, then we can conclude that:

• A) prices decreased faster than the wage increase between 1974 and 2007.
• B) prices increased faster than the wage increase between 1974 and 2007.
• C) prices decreased slower than the wage increase between 1974 and 2007.
• D) prices increased slower than the wage increase between 1974 and 2007.

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Definitions:

False Information

The act of providing incorrect, untrue, or misleading details about something or someone, often with the intent to deceive.

Implied Ratification

The acceptance and endorsement of a previously unauthorized act by acting in a manner that recognizes it as valid or by failing to repudiate it.

Express Ratification

The explicit approval or confirmation of an act or contract that was initially unauthorized or in need of validation.

Adjudicated Insane

Adjudicated Insane is a legal determination that an individual is not mentally competent to manage their affairs due to mental illness.