Q. The amount of money paid to a worker in each for the effort put by him in called:
Solution:
The amount of money paid to a worker in each for the effort put by him in called nominal wage. A nominal wage, also called a money wage, is the money you’re paid by an employer for your labor. A nominal wage is not adjusted for inflation. On the other hand, a real wage is a wage adjusted for inflation. If your nominal wage increases slower than the rate of inflation, then your purchasing power will decline.
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