Suppose That the Real Wage Remained Unchanged Between Year 1

question 54

Multiple Choice

Suppose that the real wage remained unchanged between year 1 and 2 but the nominal wage was $20 in year 1 and $18 in year 2.What is true about the price level?

• A)It rose by 20 percent.
• B)It rose by 25 percent.
• C)It remained unchanged.
• D)It fell by 10 percent.
• E)It fell by 20 percent.

---

Definitions:

Openness To Experience

Openness to experience is a personality trait characterized by a willingness to try new things, be creative, think abstractly, and engage in diverse experiences.

Conscientiousness

A personality trait characterized by being thorough, careful, or vigilant; it implies a desire to do a task well.

Human Groups

Refers to collections of individuals who interact with one another, share similar characteristics, and collectively have a sense of unity or identity.

Organ Transplantation

The surgical transfer of a healthy organ from one person (the donor) to another (the recipient) to replace a damaged or missing organ.