Recall the Application About the Value of the Minimum Wage

question 116

Multiple Choice

Recall the Application about the value of the minimum wage between 1974 and 2007 and the impact
inflation has on the real minimum wage to answer the following question(s) . The following table is from
the Application. $\begin{array}{|l|l|l|}\hline&1974&2007\\\hline\text { Minimum wage per hour } & \$ 2.00 & \$ 5.85 \\\hline \text { Weekly income from minimum wage } & \$ 80.00 & \$ 234.00 \\\hline \text { Cost of a standard basket of goods } & \$ 47.00 & \$ 202.00 \\\hline \text { Number of baskets per week } & 1.70 & 1.16\\\hline\end{array}$

-In comparing the minimum wages between 1974 and 2007, this Application addresses the economic concept of

• A)the marginal principle.
• B)the principle of voluntary exchange.
• C)the principle of diminishing returns.
• D)the real-nominal principle.

---

Definitions:

Manic Episodes

Periods of abnormally elevated mood, energy, and activity levels, often associated with bipolar disorder, characterized by an excessively good mood, increased talkativeness, and hyperactivity.

rTMS

Repetitive Transcranial Magnetic Stimulation, a non-invasive procedure that uses magnetic fields to stimulate nerve cells in the brain.

ECT

Electroconvulsive Therapy (ECT) is a medical treatment most commonly used for patients with severe major depression or bipolar disorder that has not responded to other treatments.

Seizures

Unexpected, erratic electrical disruptions within the brain resulting in variations in behavior, motion, sensations, and conscious state.