Multiple Choice
If a price index changed from 150 in 2008 to 148.5 in 2009,while Jim Bob's nominal wage fell from $25 to $24,then Jim Bob is
A) Better off like everyone else in the economy since prices are lower for consumers.
B) Neither better nor worse off since his real wage remained constant.
C) Better off since his nominal wage fell slower than the price level did.
D) Worse off since his nominal wage fell faster than the price level did.
Correct Answer:
Verified
Correct Answer:
Verified
Q49: Which of the following is often watched
Q50: If some specific prices fall,some relative prices
Q51: If the Consumer Price Index rose from
Q52: The GDP deflator<br>A)Is the price index based
Q53: Which of the following measures changes in
Q55: Real GDP is the<br>A)Value of final output
Q56: If the average price level increases by
Q57: The inflation rate is the<br>A)Monthly percentage rate
Q58: The amount of income received in a
Q59: Table 7.1 GDP<br> <span class="ql-formula" data-value="\begin{array}