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hannah and her employer both expected inflation to be 3% between 2010 and 2011, so they agreed in a two year contract $12.00 an hour in 2010 and $12.36 per hour in 2011. However suppose inflation between 2010 and 2011 was only 2% not 3%. For example suppose the price of milk rose from $3.00 per gallon to $3.06 per gallon. This means that between 2010 and 2011 hannah's nominal wage(increased or decreased ) by ? % and her real wage ( increased or decreased ) by approximatley ( 3, 1, 5 % ).

Macroeconomics, Economics

  • Category:- Macroeconomics
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