Macroeconomics Study Set 48
Quiz 6: Macroeconomics: the Big Picture
If Wages Grew at 5% Last Year and Average Prices
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.
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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.
An increase in the nation's overall price level is: A) long-term economic growth. B) unemployment. C) inflation. D) deflation.
During inflation the _____ price level _____. A) average; falls B) average; increases C) average; remains constant D) real; falls
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