Identify the correct statement.
a. In periods of low inflation, real wages are constant but nominal wages decline
b. If the price level increases, real wages will increase.
c. If the price level increases, nominal wages will fall.
d. In periods of high inflation, real wages change even if nominal wages remain constant.
e. If the inflation rate is high, real wages and nominal wages change by the same amount.
d
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Based on the above table, what is the marginal product of the 6th worker hired at Jefferson's Cleaners?
A) 10 suits per day B) 11 suits per day C) 14 suits per day D) 84 suits per day
Figure 10-2
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Figure 10-2 shows demand and short-run cost curves for a perfectly competitive firm. At its profit-maximizing level of output, the firm’s short-run TC is represented by area
A. ADFO. B. BGHC. C. BGIO. D. ADGIO.
During World War II the United States' economy grew by about ________ percent a year.
A. 5 B. 10 C. 15 D. 20
While the slope of the perfectly inelastic supply curve ________, the slope of the perfectly elastic supply curve ________.
A. is zero; approaches infinity B. approaches infinity; approaches infinity C. is zero; is zero D. approaches infinity; is zero