dozen eggs cost $1.03 in December 1980 and $1.60 in December 2018. The average wage for workers in private industries was $7.13 per hour in December 1980 and $23.09 in December 2018. By what percentage did the price of a dozen eggs rise? 36% 55% 57% By what percentage did the wage rise? 32%
dozen eggs cost $1.03 in December 1980 and $1.60 in December 2018. The average wage for workers in private industries was $7.13 per hour in December 1980 and $23.09 in December 2018. By what percentage did the price of a dozen eggs rise? 36% 55% 57% By what percentage did the wage rise? 32%
Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter6: Measuring The Cost Of Living
Section: Chapter Questions
Problem 7PA
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A dozen eggs cost $1.03 in December 1980 and $1.60 in December 2018. The average wage for workers in private industries was $7.13 per hour in December 1980 and $23.09 in December 2018.
By what percentage did the price of a dozen eggs rise?
36%
55%
57%
By what percentage did the wage rise?
32%
62%
224%
In order to earn enough to buy a dozen eggs, a worker had to work _______ minutes in December 1980 and_________ minutes in December 2018.
Workers' purchasing power in terms of eggs_________ between 1980 and 2018.
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