Suppose the real wage remains unchanged between Year 1 and Year 2 but the nominal wage increases from 20 to 24 . Based on this information, we can conclude that the price level has:
a. increased by 20 percent.
b. increased by 25 percent.
c. remained unchanged.
d. decreased by 10 percent.
e. decreased by 20 percent.
Question 2
The opportunity cost of holding money is measured by the:
a. interest rate.
b. liquidity lost by holding money.
c. money supply curve.
d. inflation rate.
e. cost of cashing in financial assets.
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