If the Nominal Wage Is $12 Per Hour and the Price

question 151

Multiple Choice

If the nominal wage is $12 per hour and the price level (as measured by a price index) is 2,it follows that the real wage is _________ per hour.

• A)$24.00
• B)$6.00
• C)$2.50
• D)$14.00.
• E)none of the above

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Definitions:

Ongoing Business

A term referring to a company or enterprise that is actively engaged in business operations without interruption.

Specific Performance

A legal remedy in contracts law where a court orders a party to perform their obligations under a contract, rather than simply paying damages.

Legal Remedy

The means by which a court of law enforces a right, imposes a penalty, or makes another court order to impose its will.

Compensatory Damages

Monetary compensation awarded to a plaintiff to offset losses or injuries that have been incurred due to the defendant's actions.