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Author Question: The ratio of exports to GDP for the United States in 2014 is approximately equal to A) 6. B) 13. ... (Read 65 times)

maychende

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on: Jun 30, 2018
The ratio of exports to GDP for the United States in 2014 is approximately equal to
 
  A) 6.
  B) 13.
  C) 21.
  D) 31.

Question 2

Explain why nominal wages are a function of the expected price level.
 
  What will be an ideal response?


sabina576

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Reply #1 on: Jun 30, 2018
Answer to Question 1

B

Answer to Question 2

Workers and firms care about the real wage. Nominal wages are typically set for a period of time by contracts. Individuals will, therefore, be concerned about what the future price level will be when determining the nominal wage. When setting the nominal wage, individuals will form expectations of what the future price level will be. They will use this to help determine the nominal wage.


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