What is the real wage rate?
What will be an ideal response?
The real wage rate is the money wage rate "corrected" for changes in the price level. It is calculated by dividing the money wage rate by the price level. The real wage rate is the quantity of goods and services that can be purchased by an hour's worth of work.
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Nominal GDP measures the value of all final goods and services at base-year prices
Indicate whether the statement is true or false
The QWERTY story illustrates: a. the commons problem
b. a negative network externality. c. the path dependence to technology. d. the problem of adverse selection. e. a situation of moral hazard.
A tax burden falls more heavily on the side of the market that
a. has a fewer number of participants. b. is more inelastic. c. is closer to unit elastic. d. is less inelastic.
Factors of production are:
A.) the laws that regulate manufacturers. B.) the technological innovations available to companies. C.) the resources used to create output. D.) the waste left over after goods are produced.