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.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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ion 31
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.

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