If the nominal wage is $12 per hour and the price level (as measured by a price index) is 2, it follows that the real wage is _________ per hour
A) $24.00
B) $6.00
C) $2.50
D) $14.00.
E) none of the above
B
Economics
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A theory that has won virtually universal acceptance is a:
A) model. B) hypothesis. C) law. D) variable.
Economics
All other things equal, if the price of foreign-made cars rises, then the GDP deflator:
A. and the CPI will rise by equal amounts. B. will rise and the CPI will remain the same. C. will remain the same and the CPI will rise. D. and the CPI will rise by different amounts.
Economics