Examlex
Match the options below with the correct phrases:
-quality
Real Wage
The purchasing power of wages, taking into account the effect of inflation on purchasing power.
Nominal Wage
The wage paid to employees in current dollars without adjustment for inflation, reflecting the actual amount of money received.
General Price Level
An index that shows the average price of goods and services across the economy over a period of time.
Real Wages
Wages adjusted for inflation, reflecting the purchasing power of income earned from work.
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