A Nominal Wage Is

question 10

Multiple Choice

A nominal wage is:

• A)always equal to the legal minimum wage.
• B)the same as the efficiency wage.
• C)measured in terms of the amount of goods and services it can purchase.
• D)measured in current dollars rather than in constant dollars.
• E)measured in constant dollars rather than in current dollars.

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Definitions:

Unamortized Patent

The portion of a patent's purchase cost that has not yet been expensed through amortization in the income statement.

Consolidation

The process of combining financial statements of separate subsidiaries, divisions or entities within an organization into a single, comprehensive financial statement.

Buildings Account

An account in the financial statements that represents the value of a company's buildings as assets.

Unamortized Patent

The cost of a patent that has not yet been gradually written off as an expense over its useful life.