1.2 The table below lists the actual minimum wage and CPI in 1974 and in 2017. Using the table, calculate the real minimum wage for 1974 and 2017. Are workers better off in terms of the purchasing power of a dollar in 1974 or 2017? Explain why. Year 1974 2017 Nominal Minimum Wage 2.00 7.25 CPI (1982=100) 49.3 244.3

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