2. Below are historical data on the price level and weekly U.S. earnings from 1960 to 2020. Calculate real average weekly earnings in the U.S. in 1970 dollars and in 2010 dollars. Nominal Weekly Earnings Real Weekly Earnings (1970 dollars) Real Weekly Earnings (2010 dollars) Year CPI 1960 29.6 $125 1970 38.8 $175 1980 82.4 $400 1990 130.7 $640 2000 172.2 $850 2010 218.1 $1,095 2020 258.8 $1,360
2. Below are historical data on the price level and weekly U.S. earnings from 1960 to 2020. Calculate real average weekly earnings in the U.S. in 1970 dollars and in 2010 dollars. Nominal Weekly Earnings Real Weekly Earnings (1970 dollars) Real Weekly Earnings (2010 dollars) Year CPI 1960 29.6 $125 1970 38.8 $175 1980 82.4 $400 1990 130.7 $640 2000 172.2 $850 2010 218.1 $1,095 2020 258.8 $1,360
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter21: Unemployment
Section: Chapter Questions
Problem 37CTQ: Do you think it is rational for workers to prefer sticky wages to wage cuts, when the consequence of...
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