Suppose you received a 3 percent increase in your nominal wage

 

1- suppose you received a 3 percent increase in your nominal wage. over the year inflation ran about 6 percent. which of the following is true? 

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a- your real wage fell
b- your nominal wage fell
c- both real and nominal waged decreased 
d- although your nominal wage fell your real wage increased 
e- both real and nominal waged increased 

2- a decrease in person’s real wage necessarily means
a- lower purchasing power 
b- lower nominal wage
c- lower nominal wage after payment of taxes 
d- higher nominal wage 
e- a higher nominal wage after payment of taxes

3- the consumer price index measures the cost of
a- all goods and services produced in U.S. economy 
b- all goods produced in U.S. economy 
c- a fixed market basket of consumer goods and services in the U.S. economy 
d- a fixed market basket of producer goods and services 
e- food and energy in the U.S. economy 

4- unanticipated inflation tends to redistribute income across groups in society. among the winners are
a- those who loan money 
b- those on fixed incomes
c- small savers
d- those who borrow at fixed interest rate 
e- those who hold large amounts of cash

5-inflation: 
a- always reduces real income as long as it occurs at a positive rate 
b- never reduces real income 
c- reduces the real income of workers when wages increase more than price do 
d- reduces the real income of workers when wages increase less than price do
e- increases the real income of the workers only when wages increase less than prices do 

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