In 2012, the nominal wage rate for unionized carpenters was $37.50 and the CPI was 204. Calculate the real wage rate for this group of workers
A) $5.44 B) $18.38 C) $47.09 D) $1.84 E) $37.50
B
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Wages and labor are inversely related for people who value leisure more than work
Indicate whether the statement is true or false
In an imaginary economy, consumers buy only sandwiches and magazines. The fixed basket consists of 20 sandwiches and 30 magazines. In 2006, a sandwich cost $4 and a magazine cost $2 . In 2007, a sandwich cost $5 . The base year is 2006 . If the consumer price index in 2007 was 125, then how much did a magazine cost in 2007?
a. $0.83 b. $2.25 c. $2.50 d. $3.00
The Bureau of Labor Statistics produces data on unemployment and other aspects of the labor market from a regular survey of households called the
a. Census. b. Labor Survey. c. Survey of Economic Indicators. d. Current Population Survey.
Economists also refer to the normal rate of return on investment as
A) a residual cost. B) the opportunity cost of capital. C) the equity kicker. D) the fixed cost of entrepreneurship.