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The citizens of Country D have noticed that the average prices of most goods within their nation have begun to rise. At the same time, employers are not raising wages at the same rate. The combination of these challenges has resulted in a decrease in overall demand, causing a decline in GDP.
Based on the scenario, who is most affected by the situation taking place within Country D?
the government of Country D
the workers of Country D
the businesses of Country D
the government, workers, and businesses of Country D
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the workers of Country D
Rising prices with wages not keeping up reduce workers’ real income and purchasing power, so their standard of living falls. That drop in consumer spending then lowers demand and GDP, which can also hurt businesses and the government—but workers are the most directly harmed.
Rising prices with wages not keeping up reduce workers’ real income and purchasing power, so their standard of living falls. That drop in consumer spending then lowers demand and GDP, which can also hurt businesses and the government—but workers are the most directly harmed.
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