Arnold's Nominal Wage Increased by 3%, and the Prices of Goods

question 291

Multiple Choice

Arnold's nominal wage increased by 3%, and the prices of goods that Arnold buys increased by 5%. Arnold's real wage has

• A) increased.
• B) remained constant.
• C) decreased.
• D) changed by 8%, but the direction of the change is ambiguous.

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Definitions:

Temperature

A measure of the degree of internal heat or thermal energy in a substance or environment, often indicated in degrees Celsius (°C), Fahrenheit (°F), or Kelvin (K).

Incomplete Dominance

A genetic situation in which two alleles produce a phenotype that is a blend of both parental traits.

Codominant

Codominant refers to a genetic scenario where two different alleles of a gene are expressed equally in the phenotype of a heterozygote.

Recessive

A term for a gene that directs the development of a particular characteristic only if the corresponding gene on the other chromosome matches it—i.e., is the same allele.