Macroeconomics Study Set 48
Quiz 6: Macroeconomics: the Big Picture
Inflation: A) is a movement of the economy toward economic growth. B) can be thought of as an increase in a nation's standard of living. C) is a sustained fall in the overall level of prices. D) is an increase in the overall level of prices.
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If the economy grew at 3% this year and average prices increased _____, people would be better off this year than last year. A) by 3% B) faster than 3% C) less than 3% D) faster than 10%
If wages grew at 5% last year and average prices grew at 3%, then the average worker: A) is better off. B) is worse off. C) has lost purchasing power. D) is unaffected.
If workers' nominal wages have risen by 50% over 10 years and prices have increased by 40% in that same period, then we can safely conclude that the amount of goods and services workers can buy has: A) fallen. B) increased. C) not changed. D) decreased in quality.
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