To Calculate the Relative Price of Labor, One Needs to Know

question 139

Multiple Choice

To calculate the relative price of labor, one needs to know

• A)only the reciprocal of the price level.
• B)both the nominal wage and the price level.
• C)the nominal market wage relative to wages paid elsewhere.
• D)only the nominal market wage.
• E)both the price of consumer goods and the price of the product being produced.

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Definitions:

Reflexive Responding

A type of reaction in which an individual automatically responds to a stimulus without conscious thought.

Motor Development

The progression of muscular coordination and the ability to move and control the body.

Nature

The inherent qualities or characteristics of something, or the physical world collectively including plants, animals, landscapes, and other features and products of the earth.

Nurture

The influence of environmental factors, such as upbringing and life experiences, on an individual's development and personality.