Workers and management agree on a contract that gives a 5% wage increase for each of the next three years. Everyone expected 3% inflation but inflation turned out to be 5% per year. Then at the end of three years ...
a. real wages will be higher than was expected.
b. real wages will have fallen
c. nominal and real wages will have changed by the same percentage.
d. real wages will be lower than was expected.
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Home » Business » Workers and management agree on a contract that gives a 5% wage increase for each of the next three years. Everyone expected 3% inflation but inflation turned out to be 5% per year. Then at the end of three years ... a.