If Your Rent Increases from $1,000 to $1,100 Over a Period

question 150

Multiple Choice

If your rent increases from $1,000 to $1,100 over a period of one year and your income rises from $6,000 to $7,000,your nominal income has

• A)Increased,but your real income has decreased.
• B)Increased,and your real income has increased.
• C)Decreased,and your real income has decreased.
• D)Increased,but your real income has remained the same.

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Definitions:

NLRA

The National Labor Relations Act, a cornerstone in U.S. labor law, facilitates the process of collective bargaining and aims to curtail the prevalence of unfair labor practices.

Free Market Forces

The natural regulatory mechanisms of a free market economy, driven by supply, demand, and competition.

Social Movement Unionism

A trend within labor movements that emphasizes broader social justice issues beyond just the workplace, linking labor struggles with other social and political movements.

Bargaining Power

The capacity of one party in a negotiation to influence the agreement terms due to its strength or position.