If Workers Received a 5 Percent Wage Increase and the Rate

question 1

Multiple Choice

If workers received a 5 percent wage increase and the rate of inflation was 10 percent, then their real wage:

• A)increased.
• B)decreased.
• C)remained constant.
• D)equaled the nominal wage.

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Definitions:

Selling

The process of persuading someone to purchase a product or service, involving various techniques to close sales.

Renting

The process of leasing or borrowing an asset or property for a specified period of time in exchange for a fee.

Ultimate Consumers

The end users of a product or service who are not looking to resell it; the final buyers.

Retail Outlet Classification

The categorization of retail stores based on factors such as size, location, product range, and sales method.