Question

Refer to Table 16-7. The real average hourly earnings for 1965 in 1982-1984 dollars equal


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The table above reports the nominal average hourly earnings in private industry and the consumer price index for 1965 and 2005. 

Refer to Table 16-7. The real average hourly earnings for 1965 in 1982-1984 dollars equal 

$1.35. $5.19. $828. $84.80 

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Answer #1

Real wage rate is the hourly wage rate measured in the dollars of a given base year.

Real wage rate for 1965 = (Nominal Wage Rate in 1965 / CPI in 1965) * 100

= (2.65 / 32) * 100

= $8.28

3rd option is correct

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