What Would Be the Impact on the Real Price of Automobiles

question 8

Multiple Choice

What would be the impact on the real price of automobiles if the nominal price increases by 60 percent over a ten year period?

• A)The real price will increase by 60 percent.
• B)The real price will increase,but by less than 60 percent.
• C)The real price will decrease.
• D)The real price cannot be determined without more information.

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Definitions:

Chicago

A major city in the United States located in the state of Illinois, known for its significant architectural, economic, and cultural contributions to the country.

New York

A state in the northeastern United States, known for its significant cultural, financial, and political influence, with New York City as its most famous city.

Referendum

A Progressive-era reform that allowed public policies to be submitted to popular vote.

Public Officials

Individuals holding office in governmental institutions, responsible for making and implementing the law.