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Q. Explain about Nominal wage level?
In macroeconomics, we are usually not interested in the wage for a specific individual though in the average wage for all employed individuals. This average is known as the wage level however because we typically only care about the wage level, we will almost always use wage when we essentially mean the wage level. So a statement like 'wages increase'must not be interpreted as all wages increasing, though rather that average is increasing.
Desired Aggregate Spending Desired aggregate spending refers to the volume of purchases of the currently produced goods and services that all spending units in the economy wish
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what is analitical approch to macroeconomics
If income falls below its potential and the income tax rate is reduced, this will: A. raise the passive deficit but reduce the structural deficit. B. raise both the passive and str
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