Suppose Workers Notice a Fall in Their Nominal Wage but Are

question 12

Multiple Choice

Suppose workers notice a fall in their nominal wage but are slow to notice that the price of things they consume have fallen by the same percentage.They may infer that the reward to working is

• A)temporarily low and so supply a smaller quantity of labor.
• B)temporarily low and so supply a larger quantity of labor.
• C)temporarily high and so supply a smaller quantity of labor.
• D)temporarily high and so supply a larger quantity of labor.

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Definitions:

Treaty of Paris

The 1783 agreement that ended the Revolutionary War, recognizing American independence and granting significant land territories to the United States from Great Britain.

West Indies

A region in the Caribbean Sea comprised of numerous islands, divided into the Greater and Lesser Antilles.

Slave Uprisings

Rebellions led by enslaved people against their captors and the institution of slavery, striving for freedom and autonomy.

Revolutionary War

Also known as the American Revolution, this was the conflict between the thirteen American colonies and British rule from 1775-1783, leading to the independence of the United States.