Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
How can we define the real wage as nominal wage
We define real wage as nominal wage divided by a price index (typically CPI). In the illustration above, your real wage was 20 in January and 21.36 in February if we use price of the basket as a price index. Remember that nominal wage will tell you your wage in units of currency whereas real wage will tell you your wage in baskets of goods and services and this is more important to us.
Hence we care about increases in real wages, not in nominal wages. If you found out that Ken, who works in another nation, got a 50% increase in his wage every year, you may initially be quite happy for Ken. If you then found out that inflation in country where Ken works is 70%, you should actually feel sorry for him. His real wage is 1.5/1.7 = 88% of his real wage the year before - a real wage cut by 12%.
2. Given the following information: Consumers are very optimistic about the future. The price of oil has just doubled. The money supply is growing at a 6% rate. The government has
Export Promotion Measures: While a number of existing export promotion schemes such as incentive related to Duty Free Replenishment Certificate (DFRC), Duty Entitlement Pa
One unit of A is made up of one unit of B and one unit of C. B is made of three units of D and one unit if F. C is composed of three units of B, one unit of D, and four units of E.
In a ___________ exchange rate system each trading nation is impacted directly by the supply and demand for their currency. A) Fixed B) Dirty C) Floating D) Clean
Consider a hospital that produces output (Q) and has two production inputs, nurse-hours (N) and beds (B). the hospital faces input costs of W N = 15 and W B = 25. Assume the h
How growth are improved living standards The two main benefits of growth are improved living standards and technological advancement. As an economy grows, the output of
why is international trade important for South Africa?
What were the key provisions of the economic stimulus bill passed by congress in February 2008? What further changes in fiscal policy have occurred since this time?
Consider the Tuckman group stage process schema. Identify specific actions a manager can take at each stage of the process to best help a group reach the performing stage. Respond
In order to encourage you to take interests in the current affairs in business, and have more concerns about the real world problems (which is what economics is about), you are req
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd