Suppose you received a 3 percent increase in your nominal wage

Suppose you received a 3 percent increase in your nominal wage

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  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? a- your real wage fellb- your nominal wage fellc- 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 meansa- lower purchasing power b- lower nominal wagec- lower nominal wage after payment of taxes d- higher nominal wage e- a higher nominal wage after payment of taxes3- the consumer price index measures the cost ofa- 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 area- those who loan money b- those on fixed incomesc- small saversd- those who borrow at fixed interest rate e- those who hold large amounts of cash5-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 doe- increases the real income of the workers only when wages increase less than prices do 

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