8. Real vs. Nominal (LO2, CFA1) If the average wage rate increases from $15.23/hour to $15.65/hour and
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8. Real vs. Nominal (LO2, CFA1) If the average wage rate increases from $15.23/hour to $15.65/hour and the inflation rate over the period is 4.2 percent, what is the approximate real increase in wages?
a. 2.8 percent
b. 1.4 percent
c. –1.4 percent
d. –2.8 percent
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