Recall the Application about the impact inflation has on your potential future salary and the repayment of student loans to answer the following question(s).According to this Application, if you earn a salary of $40,000 in the first year and all prices (including your salary) triple in the next 10 years, what will your nominal annual salary be in 10 years?
A. $20,000
B. $60,000
C. $120,000
D. $180,000
Answer: C
You might also like to view...
Teddy buys only chocolate chip cookies and hot chocolate and spends all of his income on the two items. Suppose the price of a cookie rises. According to marginal utility theory, Teddy buys
A) more cookies. B) fewer cookies. C) more hot chocolate. D) an equal amount of cookies and hot chocolate.
A monopolist hires fewer workers than a perfectly competitive industry, other things being equal, because
A) a monopolist has to pay higher wages in order to attract additional workers. B) the monopolist substitutes more capital for labor when compared to a competitive industry. C) the monopolist producer has to deal with unions and face higher wages than do competitive industries. D) the monopolist produces less output than a competitive industry.
The two broad fields that make up the subject of economics are:
A. microeconomics and macroeconomics. B. personal investments and business investments. C. fiscal policy and monetary policy. D. imports and exports.
Interlocking directorates refers to a situation where:
A. A director of one firm is also a board member of a competing firm B. Members of the Board of Directors of a firm could not agree on a clear strategy for the firm C. Competing firms have separate and different members in their boards D. A company's board splits into two rival camps locked in constant struggle