Multiple Choice
Suppose the real wage remains unchanged between Year 1 and Year 2 but the nominal wage increases from $20 to $24.Based on this information,we can conclude that the price level has:
A) increased by 20 percent.
B) increased by 25 percent.
C) remained unchanged.
D) decreased by 10 percent.
E) decreased by 20 percent.
Correct Answer:
Verified
Correct Answer:
Verified
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