Answer
no
Work Step by Step
While the nominal value of minimum wage increased from 1974 to 2011, the real value of minimum wage decreased. A family making minimum wage had less buying power in 2011 than in 1974.
Microeconomics: Principles, Applications, and Tools (8th Edition)
by O'Sullivan, Arthur; Sheffrin, Steven; Perez, Stephen
Published by
Prentice Hall
ISBN 10:
0-13294-886-9
ISBN 13:
978-0-13294-886-9
Chapter 2 - The Key Principles of Economics - Exercises - 2.5 The Real-Nominal Principle - Page 46: 5.5
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