As hourly wages have risen in the United States in the twentieth century, the number of hours of labor supplied by most wage workers has
a. fallen.
b. stayed roughly constant.
c. risen.
d. generally risen, but has fallen during periods of recession.
a
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Robert is a doctor who earns an average hourly wage of $80. His wife is a teacher and earns an average hourly wage of $35. His daughter works in her college library and earns $12 per hour while his son is a lawyer and earns $60 per hour
If one of them must stay back at the house on a working day to look after their ailing pet, who can do it at the lowest opportunity cost? A) His son B) Robert C) His wife D) His daughter Mike and John work as waiters in a restaurant. Mike can efficiently wait on 10 customers per hour while John can efficiently wait on 7 customers per hour. The restaurant also has a bar. If both of them work as bartenders, Mike is able to serve 9 customers per hour while John is able to serve 10 customers per hour.
Refer to the figure above. If a per-unit tax of $3 is imposed on the sale of Good X, what is the tax revenue received by the government?
A) $20 million B) $10 million C) $12 million D) $60 million
John and Mary work eight hours at a bakery. John can decorate either 10 ice-cream cakes or 4 wedding cakes; Mary can decorate either 8 ice-cream cakes or 2 wedding cakes. According to this scenario
A) Mary has the absolute advantage in decorating wedding cakes. B) John has the absolute advantage in decorating wedding cakes. C) Mary has the comparative advantage in decorating wedding cakes. D) John has the comparative advantage in decorating ice-cream cakes.
An inflation rate that exceeds 50 percent per month is referred to as:
A. anticipated inflation. B. destructive deflation. C. hyperinflation. D. superflation.