Suppose that the hourly wages in 1960 and 2002 were respectively 7.21 and 8.65 dollars per hour. If the 1960 CPI base 100 = 2002 is 71, what happened to the real wage between 1960 and 2002? OIt decreased. O It remains constant. O Cannot answer the question with the information provided. O It increased.

Suppose that the hourly wages in 1960 and 2002 were respectively 7.21 and 8.65 dollars per hour. If the 1960 CPI base 100 = 2002 is 71, what happened to the real wage between 1960 and 2002? OIt decreased. O It remains constant. O Cannot answer the question with the information provided. O It increased.

Macroeconomics: Principles and Policy (MindTap Course List)

13th Edition

ISBN:9781305280601

Author:William J. Baumol, Alan S. Blinder

Publisher:William J. Baumol, Alan S. Blinder

Chapter6: How Statisticians Measure Inflation

Section6.A: How Statisticians Measure Inflation

Problem 5TY

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