An assistant manager at a restaurant gets a $100 a month raise. He figures that with his new monthly salary he cannot buy as many goods and services as he could buy last year
a. His real and nominal salary have risen.
b. His real and nominal salary have fallen.
c. His real salary has risen and his nominal salary has fallen.
d. His real salary has fallen and his nominal salary has risen.
d
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A 10 percent increase in the quantity of spinach demanded results from a 20 percent decline in its price. The price elasticity of demand for spinach is
A) 0.5. B) 2.0. C) 10.0. D) 20.0.
Which of the following is an aggregate?
A. the number of shoes in one man's closet B. the bushels of apples one farmer sells C. the total production of all goods and services D. the price of a particular textbook
Which of the following market transactions of final goods and services are excluded from the computation of U.S. GDP? a. Purchases of products such as wine, beer, hard liquor, and cigarettes. b. Secondhand transactions, such as when a used car is sold
c. New purchase that a resident of one state makes in a different state. d. Purchases of necessities such as groceries and rent.
Influence cost is a type of _____ incurred while filling positions that have similar responsibilities but carry different pay
a. deadweight loss b. opportunity cost c. externality d. social cost