High School

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.

1. 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?
(Enter response here.)

2. 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?
(Enter response here.)

3. Has the country experienced inflation or deflation?
(Enter response here.)

4. What likely changes have happened in this hypothetical country’s economy to cause this outcome?
(Enter response here.)

Answer :

Final answer:

Someone would have to work approximately 33 hours per week to pay for food and necessities for a family with two adults and two children fifty years ago in this hypothetical country. However, fifty years later, someone would have to work approximately 63 hours per week to pay for food and necessities for the same family. The country has experienced inflation over the past fifty years, leading to an increase in the cost of living. Several changes in the hypothetical country's economy, such as economic growth, increased demand, changes in government policies, and global economic factors, could have contributed to this outcome.

Explanation:

To calculate the number of hours per week someone would 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, we need to consider the minimum wage and the cost of living at that time.

Given that the minimum wage was approximately $1.50 per hour and a family could live on about $50 per week for food and necessities, we can divide the weekly cost by the hourly wage to find the number of hours required:

Number of hours per week = Weekly cost / Hourly wage

Substituting the values, we get:

Number of hours per week = $50 / $1.50 = 33.33 hours (rounded to the nearest whole number)

Therefore, someone would have to work approximately 33 hours per week to pay for food and necessities for a family with two adults and two children fifty years ago in this hypothetical country.

To calculate the number of hours per week someone would 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, we need to consider the minimum wage and the cost of living at that time.

Given that the minimum wage is about $8.00 per hour and the cost of living is approximately $500 per week for an equivalent family of four, we can use the same formula:

Number of hours per week = Weekly cost / Hourly wage

Substituting the values, we get:

Number of hours per week = $500 / $8.00 = 62.5 hours (rounded to the nearest whole number)

Therefore, someone would have to work approximately 63 hours per week to pay for food and necessities for a family with two adults and two children fifty years later in this hypothetical country.

The country has experienced inflation over the past fifty years. Inflation refers to the general increase in prices and decrease in the purchasing power of money over time. The increase in the minimum wage and the cost of living indicates that the prices of goods and services have risen significantly over the years.

Several changes in the hypothetical country's economy could have contributed to this outcome. These changes may include economic growth, increased demand for goods and services, changes in government policies, and global economic factors. Economic growth can lead to increased wages and higher prices. Increased demand for goods and services can drive up prices. Changes in government policies, such as taxation and regulations, can also impact the economy and prices. Additionally, global economic factors, such as changes in trade and international markets, can influence the country's economy and prices.

Learn more about minimum wage, cost of living, inflation, and changes in the economy in a hypothetical country over fifty years here:

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Final answer:

Someone would have to work approximately 33 hours per week to pay for food and necessities for a family with two adults and two children fifty years ago in this hypothetical country. However, fifty years later, someone would have to work approximately 63 hours per week to pay for food and necessities for the same family. The country has experienced inflation over the past fifty years, leading to an increase in the cost of living. Several changes in the hypothetical country's economy, such as economic growth, increased demand, changes in government policies, and global economic factors, could have contributed to this outcome.

Explanation:

To calculate the number of hours per week someone would 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, we need to consider the minimum wage and the cost of living at that time.

Given that the minimum wage was approximately $1.50 per hour and a family could live on about $50 per week for food and necessities, we can divide the weekly cost by the hourly wage to find the number of hours required:

Number of hours per week = Weekly cost / Hourly wage

Substituting the values, we get:

Number of hours per week = $50 / $1.50 = 33.33 hours (rounded to the nearest whole number)

Therefore, someone would have to work approximately 33 hours per week to pay for food and necessities for a family with two adults and two children fifty years ago in this hypothetical country.

To calculate the number of hours per week someone would 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, we need to consider the minimum wage and the cost of living at that time.

Given that the minimum wage is about $8.00 per hour and the cost of living is approximately $500 per week for an equivalent family of four, we can use the same formula:

Number of hours per week = Weekly cost / Hourly wage

Substituting the values, we get:

Number of hours per week = $500 / $8.00 = 62.5 hours (rounded to the nearest whole number)

Therefore, someone would have to work approximately 63 hours per week to pay for food and necessities for a family with two adults and two children fifty years later in this hypothetical country.

The country has experienced inflation over the past fifty years. Inflation refers to the general increase in prices and decrease in the purchasing power of money over time. The increase in the minimum wage and the cost of living indicates that the prices of goods and services have risen significantly over the years.

Several changes in the hypothetical country's economy could have contributed to this outcome. These changes may include economic growth, increased demand for goods and services, changes in government policies, and global economic factors. Economic growth can lead to increased wages and higher prices. Increased demand for goods and services can drive up prices. Changes in government policies, such as taxation and regulations, can also impact the economy and prices. Additionally, global economic factors, such as changes in trade and international markets, can influence the country's economy and prices.

Learn more about minimum wage, cost of living, inflation, and changes in the economy in a hypothetical country over fifty years here:

https://brainly.com/question/34116380

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