Recently, a Labor Union Argued That the Standard of Living

question 108

Multiple Choice

Recently, a labor union argued that the standard of living of its members was falling.A critic of the union argued that this could not possibly be true because the union had been receiving increases in the nominal incomes of its members through collective bargaining.Is the critic correct?

• A)Yes, because when you have a large nominal income, your standard of living automatically increases.
• B)No, because real income may fall if prices increase more proportionately than the increase in nominal income.
• C)No, because real income may fall if prices increase less proportionately than the increases in nominal income.
• D)Yes, because real income may fall if prices increase less proportionately than the increases in nominal income.

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Definitions:

Resources

Assets, materials, and other supplies available to an individual or organization for achieving specific goals.

Time

A continuous sequence of events or the measurement thereof, which is a fundamental concept in physics, perception, and many aspects of human life.

Computerized Short-Term Scheduling

The use of computer software to plan and schedule production tasks on a short-term basis to improve efficiency and resource allocation.

Interactive Computing

Computing systems designed for a two-way interaction between the user and the computer, allowing for real-time communication and feedback.