Jim's nominal wage increased by 3%, and the prices of goods that Jim buys increased by 2%. Jim's real wage has:
A) remained constant.
B) decreased.
C) increased.
D) changed by 5%, but the direction of the change is ambiguous.
Correct Answer:
Verified
Q88: Q89: The wage rate that is adjusted for Q90: The quantity equation can be written as: Q91: Recall Application 3, "Hyperinflation in Zimbabwe," to Q92: Suppose that the government collects $500 in Q94: The velocity of money is 3. If Q95: Recall Application 1, "Shifts in the Natural Q96: Recall Application 1, "Shifts in the Natural
A)
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