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If real wage rate is 10.00 per hour and the price level is 60 what is the money wage rate?
$6.00
Can a persons money wage decrease at the same time their real wage increases?
Yes, a person's money wage can decrease while their real wage increases if the rate of inflation decreases faster than the reduction in their nominal wage. For example, if a worker's nominal wage drops by 2% but the inflation rate falls by 5%, the purchasing power of their earnings—real wage—can increase despite the nominal wage decrease. This situation highlights the distinction between nominal and real wages, where real wages reflect the buying power of income adjusted for inflation.
If the price level rises and the money wage rate rises by the same percentage what happens to the quantity of real GDP supplied?
When the price level and the money wage rate change by the same percentage, the real wage rate remains constant at its full employment equilibrium level so employment remains constant and real GDP remains constant at "potential GDP" which is the quantity of real GDP at full employment.
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.
Paying an above-equilibrium wage rate?
There are some companies that choose to pay above average wage rate. They start their employees cents or dollars above the base wage.
If real wage rate is 10.00 per hour and the price level is 60 what is the money wage rate?
$6.00
Which method is economically efficient if the hourly wage rate and implicit rental rate of capital are i Wage rate 1 rental rate 100 ii Wage rate 5 rental rate 50 iii Wage rate 50 rental rate?
i think i also no idea about this
Can a persons money wage decrease at the same time their real wage increases?
Yes, a person's money wage can decrease while their real wage increases if the rate of inflation decreases faster than the reduction in their nominal wage. For example, if a worker's nominal wage drops by 2% but the inflation rate falls by 5%, the purchasing power of their earnings—real wage—can increase despite the nominal wage decrease. This situation highlights the distinction between nominal and real wages, where real wages reflect the buying power of income adjusted for inflation.
If the price level rises and the money wage rate rises by the same percentage what happens to the quantity of real GDP supplied?
When the price level and the money wage rate change by the same percentage, the real wage rate remains constant at its full employment equilibrium level so employment remains constant and real GDP remains constant at "potential GDP" which is the quantity of real GDP at full employment.
What is california's minimum wage rate?
The minimum wage rate in a state refers to the lowest amount of money a business is allowed to pay it's employees. The minimum wage rate in California,in 2013, is $8 per hour. However, out varies county to county. For example, people that live in a town like Ukiah most likely earn the state mandated minimum wage....but people in San Francisco will earn a higher wage due to the cost of living.
What does wage entitlement mean?
Wage Entitlement is when you get entitled to get a raise on you wage. A wage is when you get money or getting money on pay day.
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.
How do you distinguish between money wage and real wage?
Real Wage = Money Wage / Price Index Real wage measures purchasing power, that is what an hour's labor can buy.
What is the minimum wage in Florida?
The minimum wage in Florida is $7.93 as of January 2014. This rate is adjusted regularly based on the rate of inflation.
What is differences between shadow wage rate and market wage rate?
Shadow wage rate is much more mysterious and sexy than Wage Rate. Some would even say more dangerous. Market wage rate is what they pay people who work in the market. One day all the market workers will have their paychecks do situps and become the sexy shadow wage rate. One can only hope. Not sure if my answers are spot on but I'm betting an economist would admit that I am in the same ballpark.
Paying an above-equilibrium wage rate?
There are some companies that choose to pay above average wage rate. They start their employees cents or dollars above the base wage.
How much money do general office get paid?
It will depend on what the company will set your wage at as to how much you will get paid for General Office. Some companies vary in pay, ranging from minimum wage to a pay over the minimum wage. I recommend checking with the Payroll office to see what their pay rate is.
