Multiple Choice
If nominal wage rates increase by 2 percent per year and the price level increases by 5 percent per year,real wages will:
A) increase by 3 percent per year.
B) increase by 5 percent per year.
C) increase by 2 percent per year.
D) decrease by 5 percent per year.
E) decrease by 3 percent per year.
Correct Answer:
Verified
Correct Answer:
Verified
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