You find that to attract a sufficient number of workers you have to pay them more dollars. Given the price of your output you determine you are paying your workers more in goods than before. Which of the following has risen?
a. The real and nominal value of the wages you pay.
b. The real but not the nominal value of wages you pay.
c. The nominal but not the real value of the wages you pay.
d. Neither the real nor the nominal value of the wages you pay.
Answers: 3
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