A year over year ________ in the buying power of money means that definitely ________ from one year to the next.
A) decrease; the price level increased
B) increase; inflation increased
C) decrease; inflation increased
D) increase; the price level increased
E) Both answers A and C are correct.
Question 2
The figure above shows the U.S. supply of labor curve. If there is a simultaneous increase in the nominal wage rate of 10 percent and a 10 percent increase in the price level, there will be a
A) rightward shift of the supply of labor curve.
B) movement downward along the supply of labor curve from a point such as A to a point such as B.
C) leftward shift of the supply of labor curve.
D) movement upward along the supply of labor curve from a point such as C to a point such as B.
E) None of the above answers is correct because there is no change in the supply of labor curve.
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