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.

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Form Of Phrase

The particular way in which a phrase is constructed or expressed.

Pay To The Order Of

A phrase written on checks to designate who has the authority to receive the amount specified on the check.

Use Of Checks

The practice of using checks as a method of payment; involves writing, issuing, or receiving checks as a way to transfer money.

14th Century

The period extending from the year 1301 to 1400 in the Gregorian calendar, marked by significant historical events globally.