If workers received a 5 percent wage increase and the rate of inflation was 10 percent, then their real wage:
A. decreased.
B. remained constant.
C. increased.
D. equaled the nominal wage.
Answer: A
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By 2015, how many European countries were members of the European Union?
A) 12 B) 17 C) 28 D) 57
There are two closely related crops, X and Y, with the following demand functions QX = 180 - 2PX + PY and QY = 150 + PX - PY where QX is the quantity of X, PX is the price of X, QY is the quantity of Y, and PY is the price of Y
These two crops are grown in two widely separated countries so there is no interrelationship between the supply curves. The short-run perfectly inelastic supply for X is 150 while the short-run perfectly inelastic supply for Y is 100. In equilibrium, the prices are A) PX = 80, PY = 130 B) PX = 40, PY = 65 C) PX = 60, PY = 120 D) PX = 30, PY = 80
The above figure shows supply and demand curves for milk. If the government passes a $2 per gallon specific tax, the loss in producer surplus will equal
A) b + c + f + g. B) f + g. C) b + f. D) c + g.
Frictional unemployment is inevitable because the economy is always changing
a. True b. False Indicate whether the statement is true or false