Suppose you received a 5 percent increase in your nominal wage. Over the year, inflation ran about 2 percent. Which of the following is true?
a. Your real wage fell.
b. Your nominal wage fell.
c. Both your nominal and real wages decreased.
d. Although your nominal wage fell, your real wage increased.
e. Both your nominal and real wages increased.
E
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Suppose the shift from AD0 to AD1 and from AS0 to AS1 is the result of fiscal policy
If the effect on aggregate supply was larger than the figure above shows, as a result the price level would be ________ 110 and real GDP would be ________ $17 trillion. A) equal to; equal to B) equal to; larger than C) higher than; larger than D) smaller than; less than E) smaller than; larger than
Suppose that producers are richer than consumers. Is a price support program fair? Explain your answer
What will be an ideal response?
Economic efficiency definitely occurs whenever
A) a firm cannot increase its output without increasing all its inputs. B) there are no implicit costs. C) the most modern technology is used in the production process. D) the firm produces a given output at the least cost.
The R2 of a regression ranges from ________ to ________.
A) 0; 1 B) -1; 1 C) -2; 2 D) 0; 2