This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Define the nominal wage rate and the real wage rate. Can the nominal wage rate increase faster than ... (Read 131 times)

mspears3

  • Hero Member
  • *****
  • Posts: 586
on: Jun 29, 2018
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.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

ndhahbi

  • Sr. Member
  • ****
  • Posts: 390
Reply #1 on: Jun 29, 2018
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

  • Member
  • Posts: 586
Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review

emsimon14

  • Member
  • Posts: 344
Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

« previous next »
 

Did you know?

About one in five American adults and teenagers have had a genital herpes infection—and most of them don't know it. People with genital herpes have at least twice the risk of becoming infected with HIV if exposed to it than those people who do not have genital herpes.

Did you know?

As the western states of America were settled, pioneers often had to drink rancid water from ponds and other sources. This often resulted in chronic diarrhea, causing many cases of dehydration and death that could have been avoided if clean water had been available.

Did you know?

Pubic lice (crabs) are usually spread through sexual contact. You cannot catch them by using a public toilet.

Did you know?

Sperm cells are so tiny that 400 to 500 million (400,000,000–500,000,000) of them fit onto 1 tsp.

Did you know?

The U.S. Pharmacopeia Medication Errors Reporting Program states that approximately 50% of all medication errors involve insulin.

A compression gauge designed for the higher compression rate of a diesel engine should be used when ... A compression gauge designed for the higher compression rate of a diesel engine should be used when ...
Top Ten States Ranked by Rate or Reported Bacterial STI Cases in 2011 Top Ten States Ranked by Rate or Reported Bacterial STI Cases in 2011
Keeping your feelings to yourself may increase your stress level Keeping your feelings to yourself may increase your stress level
If a graph has the following x-intercepts, which value of x is the instantaneous rate of change ... If a graph has the following x-intercepts, which value of x is the instantaneous rate of change ...
Average real hourly wages (2010 dollars) by education level, full-time workers aged 17 to 34 in 2011 Average real hourly wages (2010 dollars) by education level, full-time workers aged 17 to 34 in 2011
A melting profile shows the increase in UV absorption versus temperature A melting profile shows the increase in UV absorption versus temperature
Video: Ionic bonds - role of ions in the body

For a complete list of videos, visit our video library