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Table 20-23 -Refer to Table 20-23

question 29

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Table 20-23
 Year  Nominal  Minimum  Wage  CPI (19821984=100)1974$2.0049.320127.25224.9\begin{array} { | c | c | c | } \hline \text { Year } & \begin{array} { c } \text { Nominal } \\\text { Minimum } \\\text { Wage }\end{array} & \begin{array} { c } \text { CPI } \\( \mathbf { 1 9 8 2 - 1 9 8 4 } = \mathbf { 1 0 0 } )\end{array} \\\hline 1974 & \$ 2.00 & 49.3 \\\hline 2012 & 7.25 & 224.9 \\\hline\end{array}
-Refer to Table 20-23.The table above lists the actual minimum wage and CPI in 1974 and in 2012.Using the above table,calculate the real minimum wage for 1974 and 2012.Calculate the rate of growth of the real minimum wage from 1974 to 2012.Are workers better off in terms of the purchasing power of a dollar in 1974 or 2012? Explain why.

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Definitions:

Interpersonal Relations

The social connections and interactions between two or more people, which may involve communication, business transactions, or emotional bonds.

Role Conflict

A situation in which an individual faces competing demands or expectations from different roles they occupy, leading to stress or dilemma.

Emotional Effect

The impact that events, interactions, or stimuli have on a person's feelings or emotional state.

Irritability

A psychological and physiological state characterized by increased sensitivity and tendency to become easily upset or annoyed.

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