History Essay

371 WordsMar 17, 20142 Pages
Practice: You Do the Math Answer the following questions to learn more about wages and income levels in the United States. 1. Calculate the hourly wage associated with the two annual income levels listed below. Assume that an individual works 40 hours per week for 50 weeks each year. (5 points) Annual income Hourly wage 2005 U.S. federal poverty line for a family of four $19,350 $9.68 2005 U.S. median household income $46,326 $23.16 2. For each of the professions in the left column, calculate the annual pay based on full-time, year-round employment consisting of 2,000 hours a year (40 hours per week for 50 weeks each year). Record your calculations under "Annual income" in the table. Then, find the difference between each annual wage figure between both the poverty threshold and the median household income. If the difference is a negative number, record it as such. (15 points) Hourly wage Annual income Difference between annual wage and federal poverty line Difference between annual wage and median household income Federal minimum wage $5.15 $10,300 $9,050 $36,026 Oregon’s minimum wage $7.50 $15,000 $4,350 $31,326 Average for all occupations $18.21 $36,420 $17,070 $9,906 Marketing managers $49.03 $98,060 $78,710 $51,734 Family practice doctors $67.50 $135,000 $115,650 $88,674 Veterinary assistants $9.90 $19,800 $450 $26,526 Police officers $22.73 $45,460 $26,110 $8,666 Child care workers $8.73 $17,460 $1,890 $28,886 Restaurant cooks $9.54 $19,080 $270 $27,242 Air traffic controllers $50.88 $101,760 $82,410 $55,434 Data source: U.S. Bureau of Labor Statistics 3. Choose a profession for which the annual income is higher than the U.S. median household income. Why might this job pay more than the median? How could productivity, the law of supply and demand, and international competition and technology affect wages for this job? (5

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