APFIVE Calculating Change in Purchasing Power
The cost of a specific basket of goods was $500 in the base year and rose to $575 in the current year. Over the same period, a worker’s nominal wage increased from $20 per hour to $22 per hour. What was the approximate change in this worker’s purchasing power?
A
Remained unchanged
B
Decreased by 15%
C
Decreased by approximately 4.3%
D
Increased by 10%
Question Leaderboard
| Rank | |||||
|---|---|---|---|---|---|
| #1 | jcbaird17 | 1 | 1 | 0m 00s | 100 |
| #2 | alecsivin | 1 | 1 | 0m 33s | 67 |
| #3 | aryanrajaraman | 1 | 1 | 0m 35s | 65 |
| #4 | kevin.hurley | 0 | 1 | 0m 00s | -10 |
| #5 | syoh | 1 | 4 | 1m 47s | -37 |
| #6 | 27suvvadas | 0 | 1 | 0m 36s | -46 |
| #7 | alyaozbutev | 0 | 1 | 1m 31s | -101 |
| #8 | marina.nzahran | 0 | 3 | 1m 20s | -110 |
| #9 | vanessaescobie | 0 | 1 | 2m 19s | -149 |
| #10 | valentina.rivas | 0 | 1 | 3m 55s | -245 |
Items per page:
10
1 – 10 of 11