Which furniture production process would have the highest furniture prices?
a. furniture made by handsaw and hammer
b. furniture made with power equipment
c. furniture made by grade school-educated workers
d. furniture made in an automated furniture factory
a
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If a worker receives 6 percent higher nominal wages over a year in which inflation is 2 percent, the worker's real wages have
A) risen by 8 percent. B) risen by 4 percent. C) risen by 3 percent. D) fallen by 3 percent. E) fallen by 4 percent.
The term inflation is used to describe a situation in which
a. the overall level of prices in the economy is increasing. b. incomes in the economy are increasing. c. stock-market prices are rising. d. the economy is growing rapidly.
Explain the process by which an initial change in autonomous spending can lead to an even greater change in total spending
A decrease in the price of a good would
a. shift the supply curve for the good to the left. b. give producers an incentive to produce more to keep profits from falling. c. increase the quantity demanded of the good. d. increase the supply of the good.