Recently, a Labor Union Argued That the Standard of Living

question 117

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.

Identify and evaluate the role of descriptive statistics in summarizing and presenting data.

Understand the concept of variables and how they can be categorized (e.g., age, weight, type of contribution).

Apply the concept of categorical and quantitative data to real-world situations.

Recognize the ethical considerations and aims behind collecting data in different fields (health, education, consumer behavior).