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Nominal Wage: Definition & Overview

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question 1 of 3

Which of one of the following is the best explanation of a nominal wage?

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1. What's the difference between a real wage and a nominal wage?

2. How are nominal wages often established?

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About This Quiz & Worksheet

This quiz and worksheet combo can gauge your knowledge of nominal wage. In order to pass the quiz, you will need to know what nominal wages are and characteristics of inflation.

Quiz & Worksheet Goals

Use these assessment tools to test your knowledge of:

  • Differences between real wage and nominal wage
  • Definition of nominal wage
  • How nominal wages are established
  • Keynesian and classical economists

Skills Practiced

Use these assessment tools to practice the following skills:

  • Defining key concepts - ensure that you can accurately define main terms, such as nominal wage
  • Interpreting information - verify that you can read information regarding how nominal wages are established and interpret it correctly
  • Reading comprehension - ensure that you draw the most important information from the related economics lesson

Additional Learning

To learn more about nominal wage, check out the corresponding lesson called Nominal Wage: Definition & Overview. This lesson covers the following objectives:

  • Differentiate real wage and nominal wage
  • Examine reactions to declining nominal wages
  • Compare and contrast Keynesian economists and classical economists
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