Which of the following formulas would you use to calculate the nominal wage rate?
A) nominal wage rate = real wage rate × CPI
B) nominal wage rate = (real wage rate × CPI) × 100
C) nominal wage rate = (real wage rate × CPI) ÷ 100
D) nominal wage rate = (real wage rate ÷ CPI) × 100
E) nominal wage rate = real wage rate ÷ CPI
C
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A negative externality is
A) a cost realized by the producer of a good or service. B) anything that is external or not relevant to the production of a good or service. C) a cost paid for by the consumer of a good or service. D) a by-product of an activity that hurts someone who is not involved in that activity.
One reason that many have not accepted Keynes' views about how the government should respond to economic downturns is that:
A. Keynes' arguments run often counter to popular economic intuition. B. few economists are familiar with Keynes' work. C. the debate has little to no policy relevance. D. no economists believe that economic stimulus measures actually work.