Real Wages Would Rise If the

question 246

Multiple Choice

Real wages would rise if the

• A) prices of goods and services rose more rapidly than nominal-wage rates.
• B) prices of goods and services rose less rapidly than nominal-wage rates.
• C) prices of goods and services and wage rates both rose.
• D) prices of goods and services and wage rates both fell.

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Definitions:

Necessaries

Essential items required for living, often related to contracts for minors for goods and services essential to their welfare.

Disaffirmance

The act of denying, refusing, or contradicting an assertion or contract, especially in legal contexts.

Necessaries

Items considered essential for maintaining a person’s standard of living, such as food, clothing, and shelter, which one is legally obligated to provide for dependants.

Emancipated

Refers to a minor who has been legally granted adult status and freedoms, typically through a court process.