ECON MACRO
5th Edition
ISBN: 9781337000529
Author: William A. McEachern
Publisher: Cengage Learning
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Chapter 10, Problem 1.2P
To determine
Real wage rate and nominal wage rate.
Concept Introduction:
Real wage rate: Inflation is the rate at which the commonprice level for goods and services are increasing.
Nominal wage rate: Nominal wage is the money wage received by the labor. It is not adjusted to inflation.
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