The Long-Run Trend of Real Wages

question 164

Multiple Choice

The long-run trend of real wages

• A) cannot be determined from available data on nominal wages and the price level.
• B) has been downward because the price level has risen faster than nominal wages.
• C) has been upward.
• D) has been downward because labor's share of the domestic income has fallen.

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Definitions:

Injury

Physical harm or damage to an individual's body, or harm in legal contexts to someone's rights or reputation.

Mutual Rescission

An agreement between parties to terminate their contract and restore them to their original positions as if the contract had never existed.

Consideration

Consideration is a legal concept referring to something of value promised, given, or received in return to form the basis of a contract.

Services

Activities performed to meet the needs of customers or clients, often in exchange for payment.