Assume the CPI increases from 110 to 121, and Manny's nominal income increases from $100,000 to $120,000 over the same period. Manny's real income has
A. Decreased by approximately 8 percent.
B. Increased by approximately 12 percent.
C. Remained the same.
D. Increased by approximately 9 percent.
Answer: D
Economics
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Which of the following would cause both the equilibrium price and equilibrium quantity of oysters (assume that oysters are a normal good) to decrease?
A) an increase in consumer income B) an oil spill that sharply reduces oyster output C) a decrease in consumer income D) a technological advancement in the production of oysters
Economics
The NAIRU:
A. is difficult to measure. B. can change over time. C. occurs at the economy's level of potential output. D. All of these statements are true.
Economics