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Suppose That the Real Wage Remained Unchanged Between Year 1

Question 82

Multiple Choice

Suppose that the real wage remained unchanged between year 1 and 2 but the nominal wage increased from $20 to $24.What is true about the price level?

A) It rose by 20 percent.
B) It rose by 25 percent.
C) It remained unchanged.
D) It fell by 10 percent.
E) It fell by 20 percent.

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