Since 1984, the

Name: Since 1984, the
Brand: Quizplus
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Question

Since 1984, the

Quizplus · Accepted Answer

The question refers to the period since 1984, and the most accurate statement is that the nominal wage rate increased but the real wage rate did not change by very much. This is because inflation, which reduces the purchasing power of money, has offset most of the nominal wage gains. Therefore, to compare changes in wages over time, it is important to use the real wage rate, which is adjusted for inflation.