United States France :
year----(Minimum wage $ per hr)-----CPI---/--Minumum wage $ per hr-----CPI
1957 $1.00 27 / 0.19 euros 10
2012 $7.25 230 / 9.43 euros 133
• Calculate the percentage change in U.s real minimum wages between 1957 and 2012: {_____}% rounded two decimal places.
• Calculate the percentage change in French real minimum wages between 1957 and 2012: {_______}% rounded two decimal places.
• Based on the above calculation, we can conclude that
A. real minimum wages have increase fast in the U.S than they have in France during the period.
B. although nominal minimum wages increase in the U.S., real minimum wages fell the period.
C. French workers are better educated, hence they would always command a higher wage rate.
D. although nominal minimum wages fell in the U.S, real minimum wages increase during this period.