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Your ability to view and interpret an ambiguous figure in two different ways is a result of
Nominal Wages
Wages paid to employees that have not been adjusted for inflation, representing the amount of money earned in current dollars.
Inflation Rate
The rate at which the overall price level of goods and services increases, thereby reducing the buying power.
Nominal Wage Rates
The amount of money paid to an employee by an employer in current prices, without adjusting for inflation.
Real Wages
Wages or salaries adjusted for inflation, reflecting the true purchasing power of income.
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