5. Fifty years ago, the minimum wage in a hypothetical country was approximately $1.50 per hour. At that time, a family with two adults and two children could live in that country for about $50 per week for food and necessities. Fifty years later, the minimum wage in that country is about $8.00 per hour and the cost of living has gone up to approximately $500 per week for an equivalent family of four.

a. How many hours per week would someone have to work to pay for food and necessities for a family with two adults and two children fifty years ago in this hypothetical country?
b. How many hours per week would someone have to work to pay for food and necessities for a family with two adults and two children fifty years later in this hypothetical country?

6. Has the country experienced inflation or deflation?

a. A person would have had to work for 366.67 hours to pay for food and necessities for a family of four in that hypothetical country fifty years ago.

The minimum wage was $1.50 per hour and the cost of living was $550 per week. To find out the number of hours a person had to work to pay for the food and necessities for a family of four, the formula can be used as; hourly rate * number of hours worked in a week = amount of money earned in a week

Number of hours a person had to work to pay for food and necessities for a family of four in hypothetical country fifty years ago can be calculated as follows; hourly rate * number of hours worked in a week = amount of money earned in a week

$1.50n = $550
n = 550/1.50
n = 366.67 hours

b. A person would have to work for 62.5 hours to pay for food and necessities for a family of four in that hypothetical country fifty years later.

The minimum wage in that country is $8.00 per hour, and the cost of living for a family of four is $500 per week. To find out the number of hours a person has to work to pay for the food and necessities of a family of four, the formula can be used as;

hourly rate * number of hours worked in a week = amount of money earned in a week

Number of hours a person has to work to pay for food and necessities for a family of four fifty years later in that hypothetical country can be calculated as follows:

$8.00n = $500
n = $500/$8.00
n = 62.5 hours

6. The country has experienced inflation. The cost of living has risen from $550 to $500, and the minimum wage has risen from $1.50 to $8.00 per hour. The changes in the cost of living and minimum wage indicate inflation. Inflation is defined as an increase in the cost of living due to an increase in the amount of money in circulation, which leads to a decrease in the value of money.

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