If You Received a 4 Percent Increase in Your Nominal

question 42

True/False

If you received a 4 percent increase in your nominal wage and the price level increased by 6 percent, then your real wage has increased by 2 percent.

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Definitions:

Psychiatrist

A medical doctor specialized in diagnosing, preventing, and treating mental illness, including prescribing medication.

Obedience

An action engaged in to fulfill a direct order or command of another person.

Superior

Describes someone or something that is above average in quality, rank, or status; better than other similar items or people.

Legitimacy Of Authority

The general perception or belief that the actions of an authority figure or governing body are justified, acceptable, and have a rightful basis.