If the Consumer Price Index (CPI) increases from 100 to 200 and the nominal wage increases from $100 to $400, what is the change in the real wage in terms of the beginning year's dollars?
a. +$200
b. +$400
c. +$100
d. +$300
e. -$200
C
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If Congress conducted public hearings to decide whether subsidies should be granted to the steel industry, taxpayers would not be well represented at the hearings because
A) no hearing room would be large enough to hold all the taxpayers who would want to testify. B) single taxpayers do not have a large enough stake in the issue to justify the cost of attending the hearings. C) taxpayers would not gain or lose, no matter how the issue was decided. D) they are apathetic. E) they know only money buys votes.
Deadweight loss refers to
A) losses in consumer surplus associated with excess government regulations. B) situations where market prices fail to capture all of the costs and benefits of a policy. C) net losses in total surplus. D) losses due to the policies of labor unions.
During 1980 through 2010,
a. the per capita income of high-income industrial countries declined. b. the fastest growing economies in the world were LDCs. c. almost all LDCs grew more rapidly than the high-income industrial economies. d. most of the countries with rapid growth rates during the last two decades were located in South America.
____________ is the change in total cost that results from a one unit increase in output
Fill in the blank(s) with the appropriate word(s).