Multiple Choice
Assume that initially your nominal wage was $16 an hour and the price index was 100.If the price level increases to 105, then your
A) real wage has increased to $21.
B) real wage has decreased to $15.24.
C) nominal wage has increased to $21.
D) nominal wage has decreased to $15.24.
Correct Answer:
Verified
Correct Answer:
Verified
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