BUISENESS MANAGEMENT
FINANCIAL MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Average U.S. wages in 1990 were $28, 960, far larger than the average wage in 1930 of $1, 970. What was the average annual increase in wages over this 60-year period?
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4.58%
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2.45%
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24.50%
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3.31%
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Explanation:
Detailed explanation-1: -Median hourly wages (adjusted using the CPI-R-US deflator) have risen by just three percent since 1979, but by seven percent since 1990.
Detailed explanation-2: -The average income was $1, 368, and the average unemployment rate in the 1930s was 18.26 percent, up from the average of 5.2 percent in the 1920s.
Detailed explanation-3: -In the depths of the 1930s depression, both unemployed and union workers mobilized to successfully support the passage of the Fair Labor Standards Act, which established the first national minimum wage at $0.25/hour (equivalent to $4.31/hour in 2017 dollars).
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