{"id":26537,"date":"2026-11-01T03:51:16","date_gmt":"2026-10-31T21:51:16","guid":{"rendered":"https:\/\/mcqacademy.com\/en\/mcq\/why-is-purchasing-power-different-from-nominal-income\/"},"modified":"2026-11-01T03:51:16","modified_gmt":"2026-10-31T21:51:16","slug":"why-is-purchasing-power-different-from-nominal-income","status":"publish","type":"mcq","link":"https:\/\/mcqacademy.com\/en\/mcq\/why-is-purchasing-power-different-from-nominal-income\/","title":{"rendered":"Why is purchasing power different from nominal income?"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Why is purchasing power different from nominal income?<\/p>\n\n\n<ul class=\"quiz-options\">\n<li>Nominal wages always have equal value everywhere<\/li>\n<li>High local prices can reduce what an income can buy<\/li>\n<li>Prices never change across states<\/li>\n<li>Only GDP determines a family&#8217;s budget<\/li>\n<\/ul>","protected":false},"author":39,"featured_media":0,"comment_status":"open","ping_status":"closed","template":"","subject":[3258],"topic":[3421,4068],"education_level":[1895],"class_list":["post-26537","mcq","type-mcq","status-publish","hentry","subject-us-economy","topic-economic-concepts","topic-hawaii-facts","education_level-ssc"],"mcq_note":"<p><strong>Higher living<\/strong> costs can reduce the purchasing power of a given nominal income.<\/p><p>Nominal GDP uses current prices, while real GDP adjusts for inflation to compare production over time.<\/p>","mcq_options":[{"right":"no","answer":"Nominal wages always have equal value everywhere"},{"right":"yes","answer":"High local prices can reduce what an income can buy"},{"right":"no","answer":"Prices never change across states"},{"right":"no","answer":"Only GDP determines a family's budget"}],"multi_answers":"no","subject_terms":[{"id":3258,"title":"U.S. Economy","slug":"us-economy"}],"topic_terms":[{"id":3421,"title":"Economic Concepts","slug":"economic-concepts"},{"id":4068,"title":"Hawaii Facts","slug":"hawaii-facts"}],"education_level_terms":[{"id":1895,"title":"SSC","slug":"ssc"}],"_links":{"self":[{"href":"https:\/\/mcqacademy.com\/en\/wp-json\/wp\/v2\/mcq\/26537","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mcqacademy.com\/en\/wp-json\/wp\/v2\/mcq"}],"about":[{"href":"https:\/\/mcqacademy.com\/en\/wp-json\/wp\/v2\/types\/mcq"}],"author":[{"embeddable":true,"href":"https:\/\/mcqacademy.com\/en\/wp-json\/wp\/v2\/users\/39"}],"replies":[{"embeddable":true,"href":"https:\/\/mcqacademy.com\/en\/wp-json\/wp\/v2\/comments?post=26537"}],"wp:attachment":[{"href":"https:\/\/mcqacademy.com\/en\/wp-json\/wp\/v2\/media?parent=26537"}],"wp:term":[{"taxonomy":"subject","embeddable":true,"href":"https:\/\/mcqacademy.com\/en\/wp-json\/wp\/v2\/subject?post=26537"},{"taxonomy":"topic","embeddable":true,"href":"https:\/\/mcqacademy.com\/en\/wp-json\/wp\/v2\/topic?post=26537"},{"taxonomy":"education_level","embeddable":true,"href":"https:\/\/mcqacademy.com\/en\/wp-json\/wp\/v2\/education_level?post=26537"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}