Your wage this year is 15 per hour and the CPI is 178. Next year you get a raise to 17 and the CPI rises to 185. What has happened?
A) Your real and nominal wages have each increased by the same percentage.
B) Your real wage has increased but by a smaller percentage than your nominal wage.
C) Your nominal wage has increased but your real wage has declined.
D) Your nominal wage has increased but your real wage has not changed.
E) Your real wage rate has increased by a larger percentage than your nominal wage.
Question 2
A reduction in unemployment benefits will
A) not change the amount of frictional unemployment because unemployment benefits affects only structural unemployment.
B) increase the amount of frictional unemployment.
C) decrease the amount of frictional unemployment.
D) increase the amount of cyclical unemployment.
E) not change the amount of frictional unemployment because unemployment benefits affects only cyclical unemployment.
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