Which of the following is a true statement?
A)The federal minimum wage has been increased every five years since it was introduced in 1938.
B)The nominal value of the minimum wage was consistently matched purchasing power.
C)Because rising prices has eroded purchasing power of the minimum wage, the real value of the minimum wage has fallen since its peak in 1968.
D)The real value of the minimum wage has increased steadily over the past few decades due to inflation.

Question

Quizplus · Accepted Answer

The statement that rising prices has eroded purchasing power of the minimum wage, and that the real value of the minimum wage has fallen since its peak in 1968 is true. The other statements are false. The federal minimum wage has not been consistently increased every five years since 1938, and the nominal value of the minimum wage has not consistently matched purchasing power. The real value of the minimum wage has not increased steadily over the past few decades due to inflation.

Which of the Following Is a True Statement