The Trends Displayed in the Table Can Best Be Explained

question 78

Multiple Choice

The trends displayed in the table can best be explained by

• A)the nominal wage rate has increased at a rate about equal to the inflation rate.
• B)the inflation rate has been rising over the time period.
• C)service industries have increased as a proportion of the economy and they tend to have higher nominal wage rates.
• D)the real wage rate has increased at a rate about equal to the inflation rate.
• E)None of the above can explain the trends in the figure.

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Definitions:

Basic Unit

The fundamental, smallest, or simplest quantity or component in a system or set of measurements often used as a standard of measurement.

Metric System

A measurement system that uses the meter for length, liter for volume, and gram for weight or mass, all based on decimal calculations.

Ml

Milliliter, a unit of volume in the metric system equal to one thousandth of a liter.

Ounces

A unit of weight in the avoirdupois system, equivalent to 1/16th of a pound or approximately 28.35 grams.