Homework #6: Wage Data

  • Due Nov 29, 2020 by 11:59pm
  • Points 50
  • Submitting a text entry box or a file upload
  • Attempts 0
  • Allowed Attempts 2
  • Available Sep 28, 2020 at 12am - Dec 10, 2020 at 11:59pm
This assignment was locked Dec 10, 2020 at 11:59pm.

Download Downloadable copy of assignment

Step 1: Find info on minimum wages.

Step 2:  Answer the following questions about the Federal minimum Wage

  1. What is the name of the law that established a national minimum wage in 1938?

Title of law:_________________________________ 

  1. How much was the federal minimum wage in 1978? _______________

  2. How much is the current federal minimum wage?_______________. 

    (Note:  The last increase in the federal minimum wage occurred in 2009.)

Step 3:  Find information about State minimum wages

  1. How many states have minimum wages above the federal minimum wage?___________.

    Note:  Do not include cities such as Washington, DC or  territories such as Guam.   Include only states for this question.

  1. Which state  has the highest minimum wage, and how much is it?

    State(s): ____________________________________

Highest minimum wage: _____________________

  1. What is the current (2020) minimum wage in Idaho?__________

  2. What is the current (2020) minimum wage in California?__________

Step 4: Adjust the minimum wage from different years to find actual purchasing power.

The original law establishing the minimum wage did not include any provision for raising the minimum wage when the cost-of-living went up.  As a result, whenever an increase in the minimum wage is required, Congress must pass a new law raising the wage.  This means that raising the minimum wage is a "political issue," and arguments over raising the wage can delay increases for many years.  To see just how significant a problem this can be, adjust the minimum wage using the i Links to an external site.nflation calculator Links to an external site. at the BLS website.  This calculator uses the Consumer Price Index (CPI) to compare the purchasing power from different years. 

  1. The minimum wage was initially set at $.25 in 1938.  How much would a wage with the same buying power be in today's dollars?__________

    Note:  You must enter a month in the inflation calculator.  Compare March 1938 to March 2020.

  1. Eleven states raise their minimum wage automatically each year to reflect increased cost-of-living. What would the current federal minimum wage be if it were also automatically adjusted each year?__________

    Note: The current minimum wage level was established in 2009.  Compare March 2009 to March 2020..

Step 5:  The Oregon Minimum Wage Law

Oregon passed a new minimum wage law in 2016 that establishes 3 different minimum wage levels:  

  • a standard minimum wage;
  • a higher minimum wage for metropolitan growth areas (currently only Portland metro area);
  • a lower minimum wage in certain nonurban counties.
  1. What are the 3 current Links to an external site. minimum wages?    Note that Oregon schedules increases in minimum wages in July of each year.

Standard?__________   Portland Metro?__________  Nonurban?__________

1606723199 11/29/2020 11:59pm