The real wage is equal to the:
a. wage measured in terms of the quantity of goods and services it buys
b. wage measured in terms of the dollar value of the goods and services it buys.
c. nominal wage net of taxes paid on wages.
d. non-wage benefits received by workers.
e. product of the nominal wage and the price level.
a
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With adaptive expectations, the expected inflation rate for the current year ________ the actual inflation rate for the previous year
A) is greater than B) is less than C) is equal to D) is unrelated to
Which of the following correctly describes the external benefit resulting from an individual's purchase of a winter flu shot?
a. The flu shot is cheaper than the cost of treatment when you get the flu. b. The income of doctors increases when you get the flu shot. c. The flu shot reduces the likelihood others will catch the flu. d. The flu shot reduces the likelihood you will miss work as the result of sickness; therefore, you will earn more income.