The government uses the buying power of wages in reporting changes in "nominal wages" in the economy.
Answer the following statement true (T) or false (F)
False
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The graph illustrates the supply of sweaters. Which of the following events will increase the quantity supplied of sweaters?
A) a rise in the price of a sweater B) a rise in the wage rate paid to the workers who make sweaters C) a rise in the expected future price of a sweater D) an increase in the number of sellers of sweaters E) a decrease in the number of sweater buyers
A reverse repurchase agreement of government securities by the Fed
A) permanently increases bank reserves. B) temporarily increases bank reserves. C) permanently reduces bank reserves. D) temporarily reduces bank reserves.
Since its inception in 1913, there have been many revisions to the income tax code.
A. True B. False C. Uncertain
Refer to the graph shown, which depicts a perfectly competitive firm. When it is maximizing profit, the total profit earned by the firm represented is:
A. $275. B. $330. C. $220. D. $605.