Which of the following is an example of money illusion?
A. An individual is willing to work more hours when the nominal wage rises by 10 percent and the overall price level rises by 5 percent.
B. An individual will neither increase nor decrease the number of hours she is willing to work when the nominal wage rises by 10 percent and the overall price level rises by 10 percent.
C. An individual is willing to work more hours when the nominal wage rises by 10 percent and the overall price level rises by 20 percent.
D. none of these
Answer: C
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Suppose two nations are seeking to expand their commercial relations. What options do they have in terms of addressing conflicts in standards? Describe each and what conditions might favor different approaches to setting standards
What will be an ideal response?
Which of the following is FALSE regarding the general rule for hiring?
A) Virtually every optimizing rule in economics involves comparing marginal benefits with marginal cost. B) The benefit from added workers is extra output and consequently more revenues. C) The firm hires workers up to the point at which the additional cost associated with hiring the last worker is equal to the additional revenue generated by that worker. D) If any firm hired fewer workers over time, profits would definitely increase at that firm.
The budget deficit is the amount by which a government's expenditures exceed its receipts
a. True b. False Indicate whether the statement is true or false
Which of the following is not an important stock exchange in the United States?
a. New York Stock Exchange b. American Stock Exchange c. Chicago Mercantile Exchange d. NASDAQ