Essay
Suppose that the average hourly wage rate in 1980 is $6.85 per hour and that it is $10.20 per hour in 1990.Furthermore,suppose that the consumer price index is 82.4 in 1980 and that it is 130.7 in 1990.Based on the information given,the purchasing power of American worker earnings increased during the 1980s.True or false? Explain.
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False.Even though nominal hourly earning...View Answer
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