The nominal wage represents:
a. the wage measured in terms of the quantity of goods and services a worker can purchase with it
b. the wage measured in terms of the dollar value of the goods and services a worker can purchase with it.
c. the real wage from which personal taxes has been deducted.
d. the standard of living of workers across time.
e. the change in real wage brought about by changes in aggregate supply.
b
Economics
You might also like to view...
Which of the following is an example of an implicit cost?
A) rent on a building B) the cost of fertilizer for a farmer C) the economic depreciation of capital equipment the business owns D) the cost of fuel and materials. E) wages paid to workers
Economics
If the Fed raises the interest rate, in the foreign exchange market the demand for the U.S. dollar increases
Indicate whether the statement is true or false
Economics