Answer: The real wage rate is the money wage rate "corrected" for changes in the price level. It is calculated by dividing the money wage rate by the price level. The real wage rate is the quantity of goods and services that can be purchased by an hour's worth of work.
Answer: The real wage rate is the money wage rate "corrected" for changes in the price level. It is calculated by dividing the money wage rate by the price level. The real wage rate is the quantity of goods and services that can be purchased by an hour's worth of work.
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