Microeconomics: Principles, Applications, and Tools (8th Edition)

Published by Prentice Hall
ISBN 10: 0-13294-886-9
ISBN 13: 978-0-13294-886-9

Chapter 2 - The Key Principles of Economics - Exercises - 2.5 The Real-Nominal Principle - Page 47: 5.8b

Answer

The change if the percentage of cost of consumer goods is higher than the change for wages in most sectors.

Work Step by Step

basket 130% manufacturing 117% - change in cost of goods is higher professional services 136% - change in cost of goods is lower hospitality 122% - change in cost of goods is higher information 121% - change in cost of goods is higher
Update this answer!

You can help us out by revising, improving and updating this answer.

Update this answer

After you claim an answer you’ll have 24 hours to send in a draft. An editor will review the submission and either publish your submission or provide feedback.