Use the following data to answer the questions below. Dec. 2020 Dec. 2021 CPI 260.474 278.8027 Price of bread $2.25 $2.40 Hourly wage $11 $11 i. What is the annual rate of inflation? ii. What is the real price of bread each year? iii. What is the real wage in each year?
Use the following data to answer the questions below. Dec. 2020 Dec. 2021 CPI 260.474 278.8027 Price of bread $2.25 $2.40 Hourly wage $11 $11 i. What is the annual rate of inflation? ii. What is the real price of bread each year? iii. What is the real wage in each year?
Chapter7: Unemployment And Inflation
Section: Chapter Questions
Problem 3.7P
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