What happens to the piece rate if there is a ratchet effect?
A. It is replaced with a salary contract.
B. It increases over time.
C. It is only paid to the least productive workers.
D. It is replaced with a time rate.
E. It decreases over time.
Answer: E
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If the quantity of credit supplied in a market exceeds the quantity of credit demanded in the market:
A) the unemployment rate tends to rise. B) the real rate of interest tends to rise. C) the rate of inflation tends to fall. D) the real rate of interest tends to fall.
Based on the information in Scenario 1, nominal GDP in 2016 in this economy was
A) $830. B) $1,025. C) $1,090. D) $1,345.
Using a graph, illustrate the effect that an increase in production costs will have on the equilibrium price and quantity of a good
What will be an ideal response?
In some countries, prices in stores are listed in terms of U.S. dollars, rather than in units of the local currency. That's most likely because
A) the country's political system is unstable. B) interest rates are higher using U.S. dollars than using the local currency. C) there is no other store of value. D) the country has experienced high rates of inflation.