Answer:
$18.38
Explanation:
The nominal wage rate for unionized carpenters in 2012 was $37.50
The CPI was 204
Therefore, the real wage rate can be calculated as follows
Real wage rate= Nominal wage rate/CPI × 100
= $37.50/204 × 100
= 0.1838 × 100
= $18.38
Hence the real wage rate for unionized carpenters is $18.38
