The Minimum Wage in 1999 Was $5

question 103

Multiple Choice

The minimum wage in 1999 was $5.15. What is the equivalent amount in 1942 dollars? (Assume the 1999 CPI is 166.2 and the 1942 CPI is 16.3.)

• A) about 47 cents
• B) about 49 cents
• C) about 51 cents
• D) about 53 cents

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Definitions:

Standard Scores

Standard scores are a type of score that have been transformed to fit a normal distribution, with a mean of zero and a standard deviation of one, allowing comparison across different tests or assessments.

Percentile

A statistical measure indicating the value below which a given percentage of observations in a group of observations fall.

Percentage

A portion in relation to the whole. A ratio between two dichotomous outcomes.

Scales of Measurement

Refers to the methods used to categorize and quantify variables in research, such as nominal, ordinal, interval, and ratio scales.