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Determine the term- Nominal wages
The nominal wage is wage per unit of time in currency used in the country- what we mainly just call wage. When we refer to wage in macroeconomics we almost always mean gross wage, that is, wage before income taxes however after employment taxes paid by employer. Wage is a flow which we typically measure in units of currency per hour.
The primary functions of economists are to teach, contribute research and empirical findings and formulate policies. Most of the professional economists are associated with academi
If two countries had the same initial level of real GDP per capita, and Country A grows at 2.8 percent, while Country B grows at 3.5 percent, how will their real per capita GDP lev
Suppose there is a simultaneous increase in the demand for diamonds and increase in the supply of diamonds. Which of the following will occur as a result of these simultaneous even
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if the price elasticity of demand is computed for two products, and product A measures .79 , and product B measures 1.6 , then ? a. product A is more price elastic than product
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