Suppose the price level rises, but the number of dollars you are paid per hour stays the same. This means that your
a. nominal wage is higher.
b. nominal wage is lower.
c. real wage is higher.
d. real wage is lower.
d
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Explain the concepts of absolute advantage and comparative advantage. Is it possible for a firm to have an absolute advantage in producing something without having a comparative advantage? Why or why not?
What will be an ideal response?
Professor Smith completed a study that showed that 60 percent of all the students who graduated from her college purchased new cars. What might explain this?
If a county has 25 billion euros of imports, 15 billion euros of exports, and sells 20 billion euros of assets to foreigners, how many foreign assets do domestic residents purchase?
a. 5 billion euros b. 10 billion euros c. 30 billion euros d. None of the above are correct.
If the probability of an outcome equals one, the outcome:
A. is certain to occur. B. has unquantifiable risk. C. is more likely to occur than the others listed. D. is certain not to occur.