The Equilibrium Real Wage Rate

question 155

Multiple Choice

The equilibrium real wage rate

• A)is equal to the nominal wage rate.
• B)equals the actual real wage rate in short-run equilibrium.
• C)equals the actual real wage rate at every point on the SS curve.
• D)is determined by the intersection of the labor supply and demand curves.

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Definitions:

Psychological Empowerment

A state of feeling self-efficacious, having control over one's work, understanding the importance of one's job, and perceiving one's actions as meaningful.

Competence

The ability or skills necessary to perform a task successfully or to a desired standard.

Work Tasks

are specific duties or responsibilities assigned to an individual or team as part of their job.

Psychological Empowerment

The feeling of increased self-efficacy among employees through recognition of their role and influence in the success of the organization, enhancing their motivation and commitment.