Inflation is troublesome to consumers because of the following effects, except
A.
Household incomes may be rising slower than the overall prices
B.
The purchasing power of people's savings would decrease
C.
Workers' wages may be rising faster than the overall price level
D.
The standard of living would fall if a household has a fixed nominal income
C.
Workers' wages may be rising faster than the overall price level
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a. True b. False Indicate whether the statement is true or false
Kevin's Golf-a-Rama sells golf balls in a perfectly competitive market. At its current level of golf ball production, Kevin has marginal costs equal to $1, and AVC is rising. If the market price of golf balls is $2, Kevin should:
A. decrease the level of golf ball production. B. continue producing the current level of production. C. increase the production of golf balls. D. shut down and produce no golf balls.
The multiplier is
A. the percentage of a given change in income that goes towards consumption. B. the part of consumption that is independent of the level of disposable income. C. the number which is multiplied by an autonomous change which gives the change in the equilibrium level of real GDP. D. the proportion of total disposable income that is consumed.