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Earn +20 ptsQ: The real wage will rise if the nominal wage?
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What is the difference between 'real wage' and 'nominal wage'?
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How can one calculate the real wage rate?
To calculate the real wage rate, you need to divide the nominal wage rate by the price level index. This will give you the purchasing power of your wages after accounting for inflation.
What is nominal price and real price?
Real price is in a mud nominal price is in your FACE
How does the real interest rate relate to the nominal interest rate?
A real interest rate and a nominal interest rate are quite similar. The only real difference between the two interest rates are that a nominal interest rate include the cost of inflation where as the real interest rate does not.
How can an increase in nominal income and a decrease in real income occur simultaneously?
real income is the change with inflation taken into account, nominal income is purely the change of income therefore if inflation was to be 5% and nominal income increased by 2% there would be a real income decrease of 3%
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