Suppose Workers Agreed to a Contract That Guaranteed a Real

question 141

Multiple Choice

Suppose workers agreed to a contract that guaranteed a real wage increase of 3 percent per year.If the inflation rate was 7 percent over the following year,what is the required increase in the nominal wage to meet the contract requirements?

• A) 10 percent
• B) 3 percent
• C) 4 percent
• D) 7 percent
• E) 1 percent

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