Assume the Inflation Rate in 2020 Is 2

question 27

Multiple Choice

Assume the inflation rate in 2020 is 2.1%. If the nominal GDP grew 4.6% and nominal wages grew 2.4%, what are the approximate real growth rates of GDP and wages?

• A)2.0%; .8%
• B)2.0%; .9%
• C)2.2%; .3%
• D)2.5%; .3%
• E)2.5%; .6%

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Definitions:

Archetypes

Universal, inherited models of people, behaviors, or personalities that inform various human traits and interactions, as proposed by Carl Jung.

Reservoir

A storage space for fluids, often water, or a metaphorical term for a large supply or source of something.

Memory

The mental capacity or faculty of retaining and recalling past experiences, facts, and information.

Persona

The aspect of someone's character that is presented to or perceived by others, often seen as a social facade or role one plays in society.