If the Nominal Wages of Carpenters Rose by 5 Percent

question 278

Multiple Choice

If the nominal wages of carpenters rose by 5 percent in 2013 and the price level increased by 3 percent, then the real wages of carpenters

• A) decreased by 2 percent.
• B) increased by 2 percent.
• C) increased by 3 percent.
• D) increased by 8 percent.

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Definitions:

Stubbornness

A personality trait characterized by an unwillingness to change one’s opinion or course of action despite reason to do so.

Prescription Pills

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A person's overall subjective emotional evaluation of their own worth or the degree to which they value themselves.

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Admissions of guilt for a crime one did not commit, which can be the result of various factors, including coercion, fatigue, or the misinterpretation of evidence.