If a Person's Nominal Income Increases by 2% While the Price

question 94

Multiple Choice

If a person's nominal income increases by 2% while the price level increases by 6%, the person's real income:

• A)increases by about 2%.
• B)increases by about 4%.
• C)decreases by about 6%.
• D)decreases by about 2%.

Identify factors that impact health and longevity, such as alcohol consumption, exercise, and prescription medication use.

Describe the cognitive changes associated with aging, including changes in intelligence and problem-solving abilities.

Recognize the importance of hormone levels in both male and female reproductive health and aging.

Explain the role of lifestyle choices in preventing or mitigating age-related diseases and conditions.

---

Definitions:

Quantity Supplied

The level of goods or services available for sale by producers, who are willing and able to provide them, at a predetermined price over an agreed period.

Excess Supply

A market condition where the quantity of a good supplied is greater than the quantity demanded at the current price.

Equilibrium Price

The price at which the quantity of a good or service demanded meets the quantity supplied, resulting in market balance.

Quantity Demanded

The total amount of a good or service that consumers are willing to purchase at a given price level.