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A Person's Real Wage Will Fall If the Nominal Wage

question 72

True/False

A person's real wage will fall if the nominal wage falls,the price level rises,or both.


Definitions:

Debt Payments

Monetary amounts paid at regular intervals to reduce or settle a debt.

Bankruptcy Proceedings

The judicial procedure that allows people or organizations that are unable to pay their debts to obtain relief from part or all of their financial obligations.

Farmer

An individual engaged in agriculture, raising living organisms for food or raw materials.

Refuses to Comply

The act of not agreeing to follow a request, rule, or order.

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