If the Nominal Wage Is $30 in 2015 and the CPI

question 131

Multiple Choice

If the nominal wage is $30 in 2015 and the CPI is 202 in 2015,then the real wage in the base year

• A)is $29.00.
• B)is $14.85.
• C)is $1.48.
• D)is $30.
• E)cannot be calculated without the past year wage rate.

---

Definitions:

Residual Variation

The difference between observed values and those predicted by a statistical model, reflecting the portion of variation unexplained by the model.

Two Factors

In experimental design, refers to experiments that investigate the effect of two independent variables on a dependent variable.

Total Sum

The aggregate or overall total of a series of numbers or quantities.

Squares

In mathematics, the result of multiplying a number by itself.