Economics

California Southern University

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Practical Economics

G D H Cole

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Macro Topic 2.6 Real v. Nominal GDP_Quiz | Real_vs_Nominal_GDP_2022

Macro Topic 2.6 Real v. Nominal GDP_Quiz | Real_vs_Nominal_GDP_2022
Exam (elaborations) • 3 pages • 2021

Real vs Nominal GDP Macro Topic 2.6 Real v. Nominal GDP Part 1: Check Your Understanding- Answer the questions. 1. If your nominal wage increases by 25%, will you definitely have a 25% increase in purchasing power? Why or why not? 2. If your nominal wage rises from $10 to $12 while the CPI rises from 150 to 180 will your real wage increase, decrease, or stay the same? Explain. 3. If nominal GDP increased by 20% and inflation increased by 10%, did the real GDP increase, decrease, or...