If wages rise by 12 percent at the same time prices rise by 3 percent, then the increase in real wages is equal to

Explain the combined effects of these events on U.S. real GDP and the price level, starting from a position of long-run equilibrium

What will be an ideal response?

A problem with the operation of the gold standard in the world economy was that

A) it involved too much government intervention in the economy. B) the world economy was subject to too much inflation. C) a country did not have control of its domestic monetary policy. D) it caused the Great Depression.