question archive 1)If the price level rises by 4 percent in a year and nominal wages increase by 2 percent, then real wages will: A) decrease by 6 percent
1)If the price level rises by 4 percent in a year and nominal wages increase by 2 percent, then real wages will: A) decrease by 6 percent
Subject:EconomicsPrice: Bought3
1)If the price level rises by 4 percent in a year and nominal wages increase by 2 percent, then real wages will:
A) decrease by 6 percent. C) decrease by 2 percent.
B) decrease by 4 percent. D) increase by 2 percent.
2)Critics contend that imposing a minimum wage higher than the equilibrium wage in a competitive industry would:
A) decrease the number of workers employed in that industry.
B) decrease the quantity of labor supplied to that industry.
C) increase the demand for labor in the industry.
D) increase employment in that industry.
