Multiple Choice
Assume that Ernesto earned a nominal wage rate of $15 per hour in 2001,the base year for the CPI.If the CPI in 2002 was 102.6 and his nominal wage rate was $16 per hour,what was his real wage rate in 2001?
A) $14.62
B) $15.00
C) $15.59
D) $16.00
E) His real wage for 2001 cannot be determined with the information given.
Correct Answer:
Verified
Correct Answer:
Verified
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