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Economics (AS & A Level) · Oct / Nov 2024 · Paper 12 · Question 15

9708Price stability

The table shows the values of Consumer Prices Index (CPI) and a worker's salary in 2022 and 2023. CPI 2022: 100; CPI 2023: 110; worker's salary 2022: $20 000; worker's salary 2023: $25 000 What is the real value of the worker's salary in 2023 compared with 2022?

  1. A$18 182
  2. B$22 727
  3. C$25 000
  4. D$27 500

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Correct answer: B. $22 727

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