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An assembly line worker receives a 5% pay raise, increasing their weekly earnings from $800 to $840. During the same year, the overall cost of consumer goods and services rises by 7%. Based on this information, what has happened to the worker's nominal wage?
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An assembly line worker receives a 5% pay raise, increasing their weekly earnings from $800 to $840. During the same year, the overall cost of consumer goods and services rises by 7%. Based on this information, what has happened to the worker's nominal wage?
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