Using the Following Table,calculate the Real Average Wage for 1998

question 85

Essay

Using the following table,calculate the real average wage for 1998 and 2018.Calculate the rate of growth of real average wages from 1998 to 2018.Are workers in this country better off in terms of the purchasing power of a dollar in 1998 or 2018? Explain why.
$$\begin{array} { | c | c | c | } \hline\text { Year } & \text { Nominal } & \text { CPI } \\& \text { Average Wage } & (2010=100)\\ \hline 1998 & \$ 2.00 & 49.30 \\\hline 2018 & \$ 6.00 & 190.20 \\\hline\end{array}$$ _____________________________________________________________________________________________
_____________________________________________________________________________________________

---

Definitions:

Mortality

The incidence of death within a population; the rate at which deaths occur in a particular population, typically expressed per thousand individuals per year.

Demographic Transition

The transition from high birth and death rates to lower birth and death rates as a country develops from a pre-industrial to an industrialized economic system.

Oral Rehydration Therapy

A simple, cost-effective treatment for dehydration, especially due to diarrhea, involving the oral intake of a solution of salts and sugars.

Diarrheal Diseases

A group of illnesses characterized by frequent, watery bowel movements, often caused by infections from various pathogens.