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receive an increase in wages of 3 percent and the Workers in country A receive an...
1. If real wages rise at the same time that nominal wages fall, we can safely...
1. If real wages rise at the same time that nominal wages fall, we can safely say that: A. Deflation is occuring B. Inflation is occuring C. The living standard of hourly workers is decreasing D. Taxes are lower E. None of the above 2. If the CPI for 1984 is 127, how much did prices rise between the base year and 1984? A. 27 percent B. 127 Percent C.1.27 Percent D.73 percent E. None of above
If I receive a 5% increase in wages and the inflation rate is 5%, am I...
If I receive a 5% increase in wages and the inflation rate is 5%, am I better off, worse off, or the same? Defend your answer.
Which of these statements is NOT correct? A. If deflation occurs, you will receive a “real”...
Which of these statements is NOT correct? A. If deflation occurs, you will receive a “real” pay raise regardless of what happens to your nominal wage. B. If your nominal wages rise at a rate higher than the inflation rate, you have received a “real” pay raise. C. If your nominal wages rise at exactly the rate of inflation, your purchasing power over time remains constant. D. If your nominal wages rise at 4% while inflation rises at 5%, you...
Suppose that workers and firms perfectly forecast inflation, so that the real wage remains unchanged as...
Suppose that workers and firms perfectly forecast inflation, so that the real wage remains unchanged as the price level rises over time. Prices and wages rise at the same rate, which implies that the real wage stays constant. The following graph shows the aggregate demand curve (AD) in an economy in long-run equilibrium. Assume the natural rate of unemployment is 6%, and potential output is $50 trillion. Use the orange points (square symbol) to draw the aggregate supply curve in...
1. The best definition of inflation is a(n): a temporary increase in prices. b. increase in...
1. The best definition of inflation is a(n): a temporary increase in prices. b. increase in the price of one important commodity such as food. c. persistent increase in the general level of prices as measured by a price index. d. increase in the purchasing power of the dollar. 2. Inflation: a. reduces the cost-of-living of the typical worker. b. is measured by changes in the cost of a typical market basket of goods between time periods. c. causes the...
Keynesian theory of sticky wages primarily applies to in the price level during As a result...
Keynesian theory of sticky wages primarily applies to in the price level during As a result of sticky wages, O both prices charged by firms, and input prices, change at the same rate. O prices charged by firms increase slower than input prices, including wages. salaries paid to workers do not rise to compensate for increases in the price level. salaries paid to workers do not fall at the same rate as decreases in the price level. Sticky wages lead...
5 6 7 plz O d. More information is required to determine which country had a...
5 6 7 plz
O d. More information is required to determine which country had a greater increase in goods and services. 5. Which of the following is defined as the total market value, expressed in dollars, of all final goods and services produced In an economy in a given year? O a. Real GDP per capita O b. Real GDP O c. Nomiai GDP O d. Nominal GDP per capita 6. Bieberville has a real GDP of $200,000 and...
13. In a particular country, the gross domestic product (GDP) increased by 10 percent during the...
13. In a particular country, the gross domestic product (GDP) increased by 10 percent during the year. At the same time inflation was 6 percent. Therefore real GDP a fell by 10 percent. b. fell by 4 percent. c. rose by 10 percent. d. rose by 6 percent. e. none of the above. 14. One of the major determinants of increasing real GDP per capita and therefore a country's standard of living is a. increasing labour productivity. b. decreasing labour...
Cyclical unemployment results from a a mismatch of skills b being in the wrong geographical location...
Cyclical unemployment results from a a mismatch of skills b being in the wrong geographical location c taking the time to find the best job d seasonal decreases in demand for labor e a recession in the economy 2 ) Frictional unemployment refers to unemployment that results from a a mismatch of skills b being in the wrong geographical location c taking the time to find the best job d seasonal decreases in demand for labor e a recession in...
080302 Monetary neutrality implies that an increase in the quantity of money will increase employment increase...
080302 Monetary neutrality implies that an increase in the quantity of money will increase employment increase the price level increase the incentive to save. not increase any of the above. QUESTION 5 080304 The classical dichotomy argues that changes in the money supply affect both nominal and real variables. affect neither nominal nor real variables. affect nominal variables, but not real variables. do not affect nominal variables, but do affect real variables. QUESTION 6 080305 According to the principle of...
Suppose that workers and firms perfectly forecast inflation, so that the real wage remains unchanged as the price level rises over time. Prices and wages rise at the same rate, which implies that the real wage stays constant. The following graph shows the aggregate demand curve (AD) in an economy in long-run equilibrium. Assume the natural rate of unemployment is 6%, and potential output is $50 trillion. Use the orange points (square symbol) to draw the aggregate supply curve in...
1. The best definition of inflation is a(n): a temporary increase in prices. b. increase in the price of one important commodity such as food. c. persistent increase in the general level of prices as measured by a price index. d. increase in the purchasing power of the dollar. 2. Inflation: a. reduces the cost-of-living of the typical worker. b. is measured by changes in the cost of a typical market basket of goods between time periods. c. causes the...
Keynesian theory of sticky wages primarily applies to in the price level during As a result of sticky wages, O both prices charged by firms, and input prices, change at the same rate. O prices charged by firms increase slower than input prices, including wages. salaries paid to workers do not rise to compensate for increases in the price level. salaries paid to workers do not fall at the same rate as decreases in the price level. Sticky wages lead...
5 6 7 plz
O d. More information is required to determine which country had a greater increase in goods and services. 5. Which of the following is defined as the total market value, expressed in dollars, of all final goods and services produced In an economy in a given year? O a. Real GDP per capita O b. Real GDP O c. Nomiai GDP O d. Nominal GDP per capita 6. Bieberville has a real GDP of $200,000 and...
13. In a particular country, the gross domestic product (GDP) increased by 10 percent during the year. At the same time inflation was 6 percent. Therefore real GDP a fell by 10 percent. b. fell by 4 percent. c. rose by 10 percent. d. rose by 6 percent. e. none of the above. 14. One of the major determinants of increasing real GDP per capita and therefore a country's standard of living is a. increasing labour productivity. b. decreasing labour...
080302 Monetary neutrality implies that an increase in the quantity of money will increase employment increase the price level increase the incentive to save. not increase any of the above. QUESTION 5 080304 The classical dichotomy argues that changes in the money supply affect both nominal and real variables. affect neither nominal nor real variables. affect nominal variables, but not real variables. do not affect nominal variables, but do affect real variables. QUESTION 6 080305 According to the principle of...
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