The real wage rate is defined as the wage rate divided by
a. the interest rate.
b. the money supply.
c. nominal GDP.
d. the price level.
d
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Americans generally pay
a. a lower percentage of their incomes in taxes than citizens of other industrialized countries. b. a lower percentage of their incomes in taxes than citizens of other industrialized countries, with the exceptions of Sweden and the Netherlands. c. about the same percentage of their incomes in taxes as citizens of other industrialized countries. d. a higher percentage of their incomes in taxes than citizens of other industrialized countries.
Which statement is true?
A. Both unemployment compensation and personal savings are automatic stabilizers. B. Neither unemployment compensation nor personal savings are automatic stabilizers. C. Only unemployment compensation is an automatic stabilizer. D. Only personal savings is an automatic stabilizer.
Two nations with differing comparative advantages will be able to consume more if each produces the good for which the opportunity cost is highest and trades for the good for which opportunity cost is lowest.
Answer the following statement true (T) or false (F)
Possible reasons why the level of employment remained lower than before the Great Recession began, even three years after the recession ended, includes the following, except:
A. There was an extension of the period of eligibility for unemployment benefits B. Structural adjustments that were needed were happening very slowly, if at all C. Worries about rising labor costs were dampening the willingness of firms to increase hiring D. The production of output continued to decline, so that firms had no real need to increase hiring