Define the nominal wage rate and the real wage rate. Can the ...

[mspears3]

Define the nominal wage rate and the real wage rate. Can the nominal wage rate increase faster than the real wage rate?
 
  What will be an ideal response?

Question 2

Should I buy a new or a used copy of the textbook? According to the economic way of thinking, the person is asking about
 
  A) economic efficiency.
  B) educational efficiency.
  C) scholastic efficiency.
  D) motivational efficiency.
  E) academic efficiency.

[ndhahbi]

Answer to Question 1

The nominal wage rate is the wage rate measured in current dollars and the real wage rate is the wage rate measured in constant dollars. More generally, the nominal wage rate is the number of dollars received for an hour's work and the real wage rate is the number of goods and services that can be purchased with an hour's work. The nominal wage rate increases faster than the real wage rate when prices are increasing, that is, when inflation occurs.

Answer to Question 2

A

[mspears3]

Thanks for the timely response, appreciate it

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TYSM