Suppose the price level increases by 5 percent and the nominal wages of workers increase by 3 percent during a particular year.This implies that the real wage has:
A) declined by 2 percent.
B) declined by 8 percent.
C) also increased by 2 percent.
D) also increased by 8 percent.
E) remained constant.
Correct Answer:
Verified
Q2: If nominal wage rates increase by 2
Q3: The potential output of an economy is:
A)the
Q4: When the economy is at its potential
Q5: Which of the following is true?
A)The nominal
Q6: A nominal wage is:
A)always equal to the
Q8: Which of the following is true of
Q9: Suppose Jack's salary increased from $100,000 to
Q10: The real wage is equal to the:
A)wage
Q11: The nominal wage represents:
A)the wage measured in
Q12: Which of the following types of unemployment
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents