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MMLU-Pro / 7340 / Suppose that the trade-unions are strong enough to bargain a 5% increase in…

Problem

Answer published by the source. Consult the official source to check your work against its answer.

question

Suppose that the trade-unions are strong enough to bargain a 5% increase in nominal wages. How much do youexpect the prices will rise? In the U.S.A. productivity increase on average of 2% per year. How much are the workers better off ?

category

economics

options

  1. 2%
  2. 0%, if the wage increase is completely offset by an equal increase in productivity.
  3. 7%, assuming a significant gap between wage increase and productivity growth leading to higher inflation.
  4. 5%
  5. 4%, considering other economic factors that might contribute to a price increase.
  6. 2.5%, accounting for a scenario where the wage increase slightly outpaces the combined effect of productivity growth and other inflationary factors.
  7. 3%
  8. 6%, assuming prices rise more than the wage increase due to other inflationary pressures.
  9. 1%
  10. Workers are not better off at all; prices rise by 5%, negating the wage increase.

src

stemez-Economics

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Source and history

upstream_id / Original problem ID
7340
task_id
e5d6d2a8-7ecc-51c8-a610-7a6a32c54ad3
task_key
default--test--7340
task_revision_id
1
config / split
default / test

Official source

initial import