(Answered) Minimum wage was 75 in 1950 the gold price an ounce of gold

Management Studies

Minimum wage was $.75 in 1950. The gold price, an ounce of gold was $35. Current minimum wage is $7.25 an hour and gold is $1235. The market determined gold price and our law makers in Washington have set the minimum wage over time. What average raise the labor force earned over 1950 to current time? What annual annual increase in gold price converted $35 into over over $1235? Do you think the Congress should stop regulating minimum wage? Why so or why not?

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