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With respect to their impact on aggregate demand for the U.S.economy,which of the following represents the correct ordering of the wealth effect,interest-rate effect,and exchange-rate effect from most important to least important?
Negotiated Wage
The result of collective bargaining between employers and employees (or their representatives), resulting in agreed-upon salaries.
Widget Industry
A generic term often used to refer to any industry producing unspecified or hypothetical products for illustrative examples in discussions.
Minimum Wage
The lowest legal wage that can be paid to workers, determined by government regulation.
Market Equilibrium Wage
The wage rate at which the quantity of labor supplied equals the quantity of labor demanded in a given labor market.
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