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Macro help please [Related to the Economics in Practice] The Economics in Practice discusses data gathered from 1996-2000, a period of low unemployment and high
Macro help please
[Related to the Economics in Practice] The Economics in Practice discusses data gathered from 1996-2000, a period of low unemployment and high growth. The researchers found considerable evidence of wage stickiness, especially among those who did not change jobs. The years 2016-2018 have also been described as a period of low unemployment and high growth. The following graph shows the percentage changes in average hourly earnings for workers compared to one year earlier from July 2016 July 2018. Did wages appear to be sticky from 2016-2018, as they did from 1996-2000? FRED- Average Hourly Earnings of All Employees: Total Private 3.2 3.1 3.0 Percent Change from Year Ago unum 2.2 May 2016 Sep 2016 Jan 2017 May 2017 Sep 2017 Jan 2018 May 2018 Sep 2018 Shaded areas indicate U.S. recessions Source: U.S. Bureau of Labor Statistics myf.redig med According to the graph, which of the following is true regarding the stickiness of wages from 2016-2018? O A. Wages were not sticky since they increased significantly to match the low unemployment and high growth rates. OB. Wages were very sticky with no change in pay over the entire period. OC. Wages were relatively sticky with only a small positive change in wages, even though there was low unemployment and high growth. OD. Wages were not sticky since they surprisingly and significantly decreased over this period, even though there was low unemployment and high growthStep by Step Solution
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