Over the past one hundred years,
a. wages rates have decreased, but nonlabor income has increased.
b. wages have increased, but nonlabor income has decreased.
c. both wages and nonlabor income have increased.
d. both wages and nonlabor income have decreased.
c. both wages and nonlabor income have increased.
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Refer to Table 14-1. What is the Nash equilibrium in this game?
A) Star Connections increases its advertising budget, but Godrickporter does not. B) There is no Nash equilibrium. C) Both Godrickporter and Star Connections increase their advertising budgets. D) Godrickporter increases its advertising budget, but Star Connections does not.
If losses are incurred in a competitive industry, then over the long-run we can expect a greater quantity supplied, because market price will rise
a. True b. False Indicate whether the statement is true or false
Assume that supply decreases greatly and demand decreases slightly. Which of the following will happen?
a. Equilibrium price will fall and equilibrium quantity will rise. b. Equilibrium price will rise and equilibrium quantity will fall. c. Equilibrium price will rise and equilibrium quantity will rise. d. Equilibrium price will fall and equilibrium quantity will fall. e. Neither equilibrium price nor equilibrium quantity will change.
Which of the following statements is true?
a. Planned economies have fared very well in recent years, with many of these economies thriving. b. Command economies operate the most efficiently because the government makes all the production decisions. c. In a command economy, consumers answer the questions of what to produce, how to produce it, and how to distribute d. In command economies, consumers still exercise choice.