During a particular year, nominal wages increased by 4 percent but real wages declined by 2 percent. This implies that the price level increased by 6 percent
a. True
b. False
Indicate whether the statement is true or false
True
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Over the past fifty years, there has been substantial closure of the gap in real GDP per person between which of the following groups of countries?
A) the United States and Central and South America B) Africa and Western Europe C) Central and South America and Africa D) the United States and Japan
Suppose that the price of one gallon of milk was $0.25 in 1950, that the CPI in 1950 was 25, and that in 2000 the CPI was 200.What is the price of a 1950 gallon of milk in 2000 dollars?
Refer to the information provided in Table 13.4 below to answer the question(s) that follow. Table 13.4Price ($)Quantity20.00118.00216.00314.00412.00510.006 8.007Refer to Table 13.4. If a monopoly faces the demand schedule given in the table and has a constant marginal and average cost of $8 per unit of providing the product, then the monopoly maximizes its profits by charging ________ per unit and selling ________ units of output.
A. $12; 5 B. $18; 2 C. $10; 6 D. $14; 4
If the Canadian dollar price of United States dollars increases from C$.80 to C$1.00, it can be concluded that:
A. Both countries are on the international gold standard B. The Canadian dollar has appreciated in value relative to the United States dollar C. The United States dollar has depreciated in value relative to the Canadian dollar D. The Canadian dollar has depreciated in value relative to the United States dollar