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Based on the inflation rate between 2008 and 2009 and between 2013 and 2014, if your boss told you that your wage rate will increase 1 percent at the end of 2014, would you be pleased? What would you ask for to be able to keep your purchasing power?

Based on the inflation rate between 2008 and 2009 and between 2013 and 2014, if your boss told you that your wage rate will increase 1 percent at the end of 2014, would you be pleased? What would you ask for to be able to keep your purchasing power?

Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter23: Aggregate Demand And Aggregate Supply
Section: Chapter Questions
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Question: The table below shows the information on U.S. macroeconomic indicators. Year GDP in billions of current dollars GDP in billions of chained 2009 dollars Personal consumption expenditures in billions of current dollars 2000 10,284.8 12,559.7 6,792.40 2005 13,093.7 14,234.2 8,794.10 2006 13,855.9 14,613.8 9,304.00 2007 14,477.6 14,873.7 9,750.50 2008 14,718.6 14,830.4 10,013.60 2009 14,418.7 14,418.7 9,847.00 2010 14,964.4 14,783.8 10,202.20 2011 15,517.9 15,020.6 10,689.30 2012 16,155.3 15,354.6 11,050.60 2013 16.663.2 15,583.3 11,392.30 2014 17,348.1 15,961.7 11,865.90 Consumer Price Index for All Urban Consumers: All Items, Index 1982- 1984-100 172.192 195.267 201.558 207.344 215.254 214.565 218.076 224.930 229.600 232.962 236.712 Based on the inflation rate between 2008 and 2009 and between 2013 and 2014, if your boss told you that your wage rate will increase 1 percent at the end of 2014, would you be pleased? What would you ask for to be able to keep your purchasing power?
Transcribed Image Text:Question: The table below shows the information on U.S. macroeconomic indicators. Year GDP in billions of current dollars GDP in billions of chained 2009 dollars Personal consumption expenditures in billions of current dollars 2000 10,284.8 12,559.7 6,792.40 2005 13,093.7 14,234.2 8,794.10 2006 13,855.9 14,613.8 9,304.00 2007 14,477.6 14,873.7 9,750.50 2008 14,718.6 14,830.4 10,013.60 2009 14,418.7 14,418.7 9,847.00 2010 14,964.4 14,783.8 10,202.20 2011 15,517.9 15,020.6 10,689.30 2012 16,155.3 15,354.6 11,050.60 2013 16.663.2 15,583.3 11,392.30 2014 17,348.1 15,961.7 11,865.90 Consumer Price Index for All Urban Consumers: All Items, Index 1982- 1984-100 172.192 195.267 201.558 207.344 215.254 214.565 218.076 224.930 229.600 232.962 236.712 Based on the inflation rate between 2008 and 2009 and between 2013 and 2014, if your boss told you that your wage rate will increase 1 percent at the end of 2014, would you be pleased? What would you ask for to be able to keep your purchasing power?
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