Which of the Following Statements About the Nominal and the Real

question 273

Multiple Choice

Which of the following statements about the nominal and the real wage rates is correct?

• A)The nominal wage rate equals the real wage rate divided by the CPI and then multiplied by 100.
• B)The nominal wage rate is measured in the dollars of a base year.
• C)The real wage rate is measured in current year dollars.
• D)The real wage rate indicates how many goods and services can be purchased with an hour's labor.
• E)The real wage rate equals the nominal wage rate multiplied by the CPI then divided by 100.

Explain how international trade affects domestic prices and production levels.

Discuss the impact of exporting and importing goods on a nation's economic well-being.

Identify the factors that lead to differences in opportunity costs across nations.

Illustrate how international trade allows countries to specialize and increase overall consumption possibilities.

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