Final answer:
Without specific inflation rate or price level data, it is impossible to determine the real wage rate or the CPI directly. Real wage rates adjusted for inflation reflect the true purchasing power of income, while the CPI measures the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.
Step-by-step explanation:
The real wage rate is the wage received by workers adjusted for the current inflation rate, which reflects the true purchasing power of the income. The Consumer Price Index (CPI) is a measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food, and medical care, and is used as an indicator of inflation. From the information provided, we cannot determine the real wage rate or the CPI directly because we lack the current inflation rate or price level data required to adjust nominal wages.
Real wage rate per hour and CPI are crucial for understanding individuals' purchasing power and the overall economic situation regarding employment and inflation. Considering the supply of labor wage rate table, the total cost of labor, marginal cost of labor, and the historical context given involving the rise in average hourly wage linked to the CPI, we can see that the real wage can either remain stable or shift in response to changes in inflation. Employed individuals' income needs to keep pace with the CPI to maintain their living standards as inflation causes the value of money to change over time, affecting their real income.
Lastly, when discussing unemployment and wage rates, for example, the unwillingness of some individuals to work at the current equilibrium wage suggests a voluntary choice, dependent on the perception of the wage's adequacy, which again may be influenced by factors such as inflation and CPI.