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. What is the real wage rate in 2017 using 2015 as the base year?
A. $4.21
B. $6.65
C. $7.37
D. $15.20
Answer: C
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Why is the economy at full employment in the long run?
A) Only wages have the ability to adjust. B) Only price can adjust. C) Prices don't adjust. D) Wages and the price level eventually adjust to full employment equilibrium levels. E) Government policies eventually converge on the full employment strategy.
The economy will grow from points B to G in Figure 10-3 above over time because
A) per person saving and steady state investment will remain stable at points C and D respectively. B) per person capital will grow, point D to E since per capita savings exceed steady state investment, point C is greater than point D. C) per person capital will grow, point D to E since per capita savings is less than steady state investment, point C is greater than point D. D) per person saving and steady state investment will remain stable at points D and C respectively.
If all prices and income change by the same proportion:
A. the budget line shifts out. B. the budget line shifts in. C. the budget line rotates outward. D. the budget line doesn't change.
Sally and Joe recently graduated from college, both majoring in history. Joe took a prestigious job as a legal clerk. Sally took a job as a specialist in fighting forest fires. Both received additional training before entering their jobs. Who will likely earn a higher salary and why?