State in brief the nominal wage level, Macroeconomics

Assignment Help:

State in brief the Nominal wage level

In macroeconomics, we are generally not interested in the wage for a specific individual though in the average wage for all employed individuals. This average is known as wage level but as we typically only care about wage level, we will almost always use wage when we actually mean the wage level. Hence a statement like "wages increase" must not be interpreted as all wages increasing but instead that average is increasing.

 


Related Discussions:- State in brief the nominal wage level

Explain function of AS-AD model, Q. Explain function of AS-AD model? Th...

Q. Explain function of AS-AD model? The function of AS-AD model is to extend IS-LM model so that we can analyze situations where Y > Y OPT . To achieve this, we should make P e

• What are the main goods and services the United States tra, I am working ...

I am working on a project for my class and this week discussion is on international trade and exports. what I am needing is the information for the 1970s

Negative outflow to the u.s. balance, A negative outflow to the U.S. balanc...

A negative outflow to the U.S. balance of payments is generated by the purchase of United States assets (such as United States Treasury bonds) by foreign investors and the sale of

Exchange rate management, Exchange Rate Management: Following two  sta...

Exchange Rate Management: Following two  stage devaluation of the Indian rupee  in quick succession in July 1991, the  government introduced Liberalized  Exchange Rate System

Benefits in a perfectly competitive market, "Nearly all critics agree that ...

"Nearly all critics agree that consumers have the most benefits in a perfectly competitive market." Does the above statement apply to microeconomics or macroeconomics? Why? Think a

IS-LM, THE PRODUCT MARKET Z=C+I+G C=a+bYd I=Io+I1Y-I2i Equilibrium conditio...

THE PRODUCT MARKET Z=C+I+G C=a+bYd I=Io+I1Y-I2i Equilibrium condition, Y=Z, where Y represents output and Z is aggregate spending. THE FINANCIAL MARKET Md=MT+Mp MT=MTo+MT1Y Mp=Mpo

Own price elasticity of demand, Suppose the own price elasticity of demand ...

Suppose the own price elasticity of demand for good X is -5, its income elasticity is 2, its advertising elasticity is 4, and the cross-price elasticity of demand between it and go

Determine the cross elasticity demand for margarine, Question 1: (a) D...

Question 1: (a) Distinguish between the short run and long run profits of a competitive firm by using graphical representations. (b) Compare and contrast between perfect c

Equilibrium price and quantity, Say that the equilibrium price and quantity...

Say that the equilibrium price and quantity both rose. What would you say was the most likely cause? There was _____(increase, decrease, no change) in demand and ________(increase,

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd