Shondra's real wage in 2016 is $18.50. If the price level is 106, what is Shondra's nominal wage?
A) $19.61 B) $18.61 C) $18.50 D) $17.44
A
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The number of times per year that a dollar is spent on final goods and services defines
A) the income velocity of money. B) the money supply. C) the price index. D) GDP.
If a decrease in the demand for corn leads to economic losses for corn farmers,
a. some existing corn farmers will exit the industry. b. the price of corn will remain low in the long run due to the economic losses. c. the suppliers of corn will suffer long-run economic losses. d. all of the above are correct.
The shutdown rule for a firm in a perfectly competitive industry is that the firm should cease production if
A. P < AFC. B. P < ATC. C. P < AVC. D. P < MC.
Which of the following is a surplus item in the U.S. current account?
A. IBM pays dividends to British shareholders. B. Finn vodka becomes more popular in the United States. C. U.S. firms export more farm products to China. D. The U.S. government reduces the tariff rates on some imported goods.