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Suppose you received a 3 percent increase in your nominal wage. Over the year, inflation ran about 6 percent. Which of the following is true?
Sophisticated Quantity Theory
An advanced approach to Quantity Theory of Money, considering complex factors influencing money supply and demand.
Deflation
A decline in the price level for at least two years.
Keynesians
Economists and thinkers following the theories of John Maynard Keynes, who advocate for active government intervention in the economy to manage demand and avoid economic recessions.
Capitalism
An economic system in which most economic decisions are made by private owners and most of the means of production are privately owned.
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