Real wage and nominal wage growth

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Reference no: EM1368326

Assume you receive a 4% increase in your nominal wage. Over the year, inflation runs about 7 percent. Which of the following statements is TRUE?

1. Your real wage increased

2. Both the nominal and real wages increased

3. Both your nominal and teal wages decreased

4. Although your nominal wage fell, your real wage increased

5. Although your nominal wage rose, your real wage decreased

Reference no: EM1368326

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