Refer to the information provided in Table 30.2 below to answer the question(s) that follow.
Table 30.2
Refer to Table 30.2. From 2015 to 2016 the real wage
A. rises.
B. falls.
C. stays the same.
D. rises then falls.
Answer: B
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A firm typically achieves its position as a monopolist as a result of
A) a small market and a constant average cost. B) a downward sloping demand for the product. C) barriers to entry. D) the absence of long-run profits in an industry.
The business cycle refers to fluctuations in economic activity such as employment and production
a. True b. False Indicate whether the statement is true or false
Suppose the average income of a citizen of Poland is higher than the average income of a citizen of Romania. You might conclude that
a. Polish firms are faced with stricter government regulations than Romanian firms. b. total income is divided among fewer workers in Poland since it has a smaller labor force than Romania. c. Romania's climate allows for longer growing seasons and therefore Romania can produce large quantities of grain and other crops. d. productivity in Poland is higher than in Romania.
The philosopher John Rawls argued that
a. people would choose a more equal distribution of income if they had to determine an economic distribution system before knowing their place in it. b. people would choose income inequality to allow the maximum use of their individual talents. c. government has a role to ensure income equality to prevent social unrest. d. people would choose equal opportunity because it is morally right.