QUESTION 53 2 points Which of the O No transaction ts complete without involving

Question

QUESTION 53 2 points Which of the O No transaction ts complete without involving money therefore, money ts a very impotant actor of production. O Machinery, tools, and power plants are al examples of labor because people must operate therm o Capital is a productive resource used to produce more goods and services QUESTION 54 The teal wage rate indicates how much can be parchased for an hour's labor The real wage rate is measured in current year dollars The nominal wags rate is measured in the dolars of a base year Save and 5rbmid to sdheiand Suamit

Explanation / Answer

53. Ans: Capital is a productive resource used to produce more goods and services

Explanation:

54. Ans: The real wage rate indicates how much can be purchased for an hour's labor

Explanation:

Real wages are wages adjusted for inflation. The formula to calculate real wage is:

Real wage = (Nominal wage / CPI) * 100

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