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Economics · Oct / Nov 2022 · Paper 13 · Question 13

2281Inflation

A trade union states that its members have experienced a loss in real income over the past five years. What must have happened for this to be true?

  1. AIncome tax rates have increased.
  2. BPrices have risen.
  3. CSavings have fallen.
  4. DWages adjusted for inflation have fallen.

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Correct answer: D. Wages adjusted for inflation have fallen.

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