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qid 7322 · economics
Question: Distinguish between money wages and real wages.
- Money wages represent the value of work, while real wages represent the amount of cash received.
- Money and real wages are the same.
- Money wages are the amount of cash workers spend, while real wages indicate the amount they save.
- Money wages are the amount of cash workers receive per unit of time on the job, while real wages indicate the actual value of the money wages or their purchasing power.
Our answer: D. Money wages are the amount of cash workers receive per unit of time on the job, while real wages indicate the actual value of the money wages or their purchasing power. Source quote machine-checked (exact quote)
How it was answered
Multi-step solver (maze), replayed by code
Current source
Wikipedia, "Real wages"
https://en.wikipedia.org/wiki/Real_wages
“Real wages are wages adjusted for inflation, or equivalently wages in terms of the amount of goods and services that can be bought. This term is used in contrast to nominal wages or unadjusted wages.”
Source quote machine-checked (exact quote)
Earlier version (superseded)
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