Multiple Choice
Suppose that the real wage remained unchanged between year 1 and 2 but the nominal wage was $20 in year 1 and $18 in year 2.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.
Correct Answer:
Verified
Correct Answer:
Verified
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Q52: Exhibit 10-4 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB4914/.jpg" alt="Exhibit 10-4
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Q58: Exhibit 10-2 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB4914/.jpg" alt="Exhibit 10-2