Real vs Nominal Wages assignments

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Real vs Nominal Wages assignments

. Below is an excerpt from a table posted on the website of the Economic Policy Institute. Do the figures describe real or nominal wages? Explain how you know.

Note: Sample based on all workers ages 18–64.

Source: EPI analysis of Current Population Survey Outgoing Rotation Group microdata

4. Continuing to use the data from the previous question:

  • Whose average earnings were higher in 2000, people with less than a high school education, or people with some college? How about in 2017?
  • How much did average wages change, in dollars AND in percentage terms, between 2000 and 2017 for people with less than a high school education?
  • How much did average wages change, in dollars AND in percentage terms, between 2000 and 2017 for people with some college?
  • Is the gap between average wages for those with less than a high school education and those with some college smaller or larger in 2017 than it was in 2000?