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Suppose that the economy of Wetland shown in the following figure is in full-employment equilibrium and the present nominal wage is $800 per week
a)What is the real wage (in base year prices)?
b)Suppose that aggregate demand increases by $100.At the new equilibrium,what will be the new value of the real wage rate?
c)As a result of the change in b),suppose the nominal wage increases,causing aggregate supply to decrease by $100.At the new equilibrium,what will be the new real wage rate?
d)At the new equilibrium in c),what is the value of the nominal wage rate?
Jury Duty Pay
Compensation received by a juror for performing jury service in a court, which is considered taxable income.
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Subtracted or taken away from a total amount, often in the context of calculating taxable income or expenses.
Stock Dividend
A dividend payment made by a company to its shareholders in the form of additional shares, rather than cash.
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Subject to taxation by governmental authorities.
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