Refer to the information provided in Table 30.1 below to answer the question(s) that follow.
Table 30.1
-Refer to Table 30.1. What is the real wage rate in 2016 using 2015 as the base year?

Question

Refer to the information provided in Table 30.1 below to answer the question(s) that follow.
Table 30.1 
-Refer to Table 30.1. What is the real wage rate in 2016 using 2015 as the base year?

Quizplus · Accepted Answer

Real wage rate in 2016 using 2015 as the base year can be calculated by dividing the nominal wage rate of 2016 by the CPI (consumer price index) of 2016 and then multiplying it by the CPI of 2015. Real wage rate = (Nominal wage rate/CPI of 2016) * (CPI of 2015) = ($11.00/117.5) * 110.2 = $10.34. Therefore, the closest option is B, which is $9.58, as it is the only option that is less than $10.34.

Refer to the Information Provided in Table 30