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real wage
answer
The _______________________________________ is the wage rate divided by the price level.
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Real income
answer
____________________________________________ is income divided by the price level.
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inflation rate
answer
The________________________________________ is the percent increase in the overall level of prices per year.
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Shoe-leather costs
answer
___________________________________________ are the increased costs of transactions caused by inflation.
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Menu cost
answer
_____________________________________________ is the real cost of changing a listed price.
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Unit-of-account costs
answer
________________________________________ arise from the way inflation makes money a less reliable unit of measurement.
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nominal interest rate
answer
The _______________________________________ is the interest rate expressed in dollar terms.
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real interest rate
answer
The________________________________________ is the nominal interest rate minus the rate of inflation.
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Disinflation
answer
_____________________________ is the process of bringing the inflation rate down.
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