True or False 1. If the federal minimum wage grows at a slower rate than inflation,...
True or False
1. If the federal minimum wage grows at a slower rate than inflation, the real value of the minimum wage increases.
2. Inflation makes it easier for consumers to understand market conditions.
Homework Answers
1. False
Real value of minimum wage is the difference between nominal value of minimum wage and inflation rate. When increase in inflation rate is higher than increase in minimum wage, real value of minimum wage decreases.
2. False
Inflation makes it difficult for consumers to understand market conditions. Consumers have to constantly understand the real value of holding money, stock prices change with inflation.
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