The reason that inflation rarely harms workers is that
a. wages rise at the same time prices rise.
b. wages fall when prices rise.
c. nominal income falls as prices rise.
d. the minimum wage rate automatically rises when the price level rises.
a
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When Social Security checks were first issued the nominal amount:
A. stayed the same for the life of the payments. B. regularly increased by 5 % every 3 months. C. regularly increased by 10 % every 3 years. D. stayed 3% above the poverty level for all recipients.
In 1941 Henry Luce coined the term ______________________ to describe the magnitude of America's economic and military prowess.
Fill in the blank(s) with the appropriate word(s).
The quantity of labor supplied is determined by the:
A. opportunity cost of providing labor. B. marginal product of labor. C. number of firms. D. technology.
Crowding out refers to a decline in ________ as a result of an increase in ________
A) tax revenues; unemployment B) government purchases; tax rates C) government purchases; private expenditures D) private expenditures; government purchases