The Consumer Price Index Is 125 in Year 1 and 132

question 63

Multiple Choice

The consumer price index is 125 in Year 1 and 132 in Year 2. The nominal wage rate is $15 in Year 1 and $17 in Year 2. What is the approximate percentage change in the real wage rate from Year 1 to Year 2?

• A)2.4 percent
• B)13.3 percent
• C)5.6 percent
• D)7.7 percent

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Definitions:

Student-Hours Lost

A metric for estimating the amount of instructional time or academic opportunity lost by students, often due to absences or school closings.

Sampling Plan

A strategy or procedure for specifying how samples should be taken from a population for the purpose of making statistical inferences.

Target Population

The entire group of individuals or instances to which researchers intend to generalize the findings of a study.

Sampled Population

The subset of individuals chosen from a larger population for the purpose of conducting a study or experiment.