Each of the explanations has been given by economists to explain why wages might be "sticky downward" please match each term with the appropriate explanation. Show 1. the belief that employees who earn more will be more productive. employers who subscribe to this concept believe that employees will have a greater interest in remaining at their current jobs if their wages are higher, so wage is used as a mechanism to reduce turnover and increase the productivity of employees. 2. An unofficial agreement between employers and their workers. employers will try to not reduce wages during hard economic times, and workers agree to not expect huge salary increases when the economy or business is doing well. 3. the idea that cutting wages for workers who are already part of the organization is counterproductive because they are needed to help the business run smoothly. 4. most workers are willing to accept a wage decrease as long as all other people also experience the same kind of decrease, but will strongly resist wage cuts otherwise. 5. firms often decide which employees to fire or lay off in order to keep the best workers rather than implement an across-the-board wage cut that would likely drive away the most valuable employees. Answer Bank What is the difference between real and nominal gross domestic product GDP?Real GDP tracks the total value of goods and services calculating the quantities but using constant prices that are adjusted for inflation. This is opposed to nominal GDP that does not account for inflation.
How do you know if GDP is nominal or real?Nominal Gross Domestic Product (GDP) and Real GDP both quantify the total value of all goods produced in a country in a year. However, real GDP is adjusted for inflation, while nominal GDP isn't. Thus, real GDP is almost always slightly lower than its equivalent nominal figure.
What is the difference between real and nominal gross domestic product GDP )? Quizlet?The difference between nominal GDP and real GDP is that nominal GDP: measures a country's production of final goods and services at current market prices, whereas real GDP measures a country's production of final goods and services at the same prices in all years.
What is an example of nominal GDP?Nominal GDP is derived by multiplying the current year quantity output by the current market price. In the example above, the nominal GDP in Year 1 is $1000 (100 x $10), and the nominal GDP in Year 5 is $2250 (150 x $15).
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Determine whether each description refers to nominal gross domestic product (gdp) or real gdp.
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