In order to determine if the quantity of goods and services that an hour's work can buy has increased or decreased between 2000 and 2012, one should compare the
A) 2000 nominal wage with the 2012 nominal wage.
B) 2000 real wage with the 2012 nominal wage.
C) 2000 real wage with the 2012 real wage.
D) 2000 nominal wage with the 2012 real wage.
E) 2000 nominal wage with the 2012 nominal wage and the 2000 real wage with the 2012 real wage because both are important factors determining if workers can buy more or fewer goods with an hour's work.
C
Economics
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The firm's overriding objective is to
A) earn a normal profit. B) maximize normal profit. C) maximize economic profit. D) maximize total revenue. E) avoid an economic loss.
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If, as your taxable income decreases, you pay a larger percentage of your taxable income in taxes, then the tax is
A) regressive. B) progressive. C) proportional. D) unfair.
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