The actual real wage is lower than the expected real wage if
A) actual unemployment is less than actual inflation.
B) expected inflation is less than actual inflation.
C) actual inflation is less than expected inflation.
D) actual unemployment is less than expected unemployment.
B
Economics
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Economist Kenneth Arrow has shown mathematically that no system of voting will consistently represent the underlying preferences of voters. This finding is called
A) Arrow's median voter model. B) Arrow's Amendment to the public choice model. C) Arrow's majority vote paradox. D) the Arrow impossibility theorem.
Economics
In the long run, a decrease in money supply, with the velocity of money stable or not decreasing, results in inflation
Indicate whether the statement is true or false
Economics