Which of the Following Statements Is True If Your Money

question 337

Multiple Choice

Which of the following statements is true if your money income stays the same but the price of one good that you are buying goes up?

• A) Your effective purchasing power falls.
• B) Your nominal income has been decreased.
• C) You will have to reduce the quantities you purchase of all goods.
• D) Your real income has increased.

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Definitions:

Patent Applications

Formal requests for the grant of a patent, submitted to a patent office, to claim the inventor's right to the exclusive use of an invention.

Politicians

Individuals who are actively involved in politics, especially as elected officials, working within the governmental system to shape and implement policy.

Corrupt

Description of actions or individuals involved in dishonest or fraudulent practices, especially those in power.

English Monarchs

The sovereign heads of state of England, ruling over the country during its monarchy periods, historical and current.