The real wage is equal to the non-wage benefits received by workers. wage measur

Question

The real wage is equal to the non-wage benefits received by workers. wage measured in terms of the quantity of goods and services it buys. wage measured in terms of the dollar value of the goods and services it buys. nominal wage net of taxes paid on wages. The potential output of an economy is also referred to as the natural rate of output. less than the full-employment rate of output. the output level at which nominal GDP is equal to real GDP. the output level at which inflation is very high. Which of the following explains the shape of the short-run aggregate supply curve? The direct relationship between the quantity supplied and the cost per unit The direct relationship between the quantity supplied and the price level The inverse relationship between quantity supplied and GDP The inverse relationship between the quantity supplied and the cost per unit As actual output falls below the potential level in the short run, which of the following is most likely to occur? Nominal GDP will remain constant. More resources will become unemployed. The price level will increase. Real GDP will increase.

Explanation / Answer

Q a. The real wage is equal to the

Ans :- Option 3 ( wage measured in terms of the dollar value of the goods and services it buys

Qb. The potential output of an economy is

Ans:- Option 3 (The nominal GDP is equal to real GDP)

Qc. Which of the following explains the shape of the short run aggregate supply curve?

Ans:- Option 2 (The direct relationship between quantity supplied and the price level)

Qd. As actual output falls below the potential level in the short run, which of the following is most likely to occur?

Ans:- Option 2 (more resources will become unemployed)

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