Which of the following statements is true?
A) Fundamental causes of prosperity are effective only in the short run.
B) Proximate causes of prosperity are effective only in the short run.
C) Proximate causes of prosperity are shaped by fundamental causes of prosperity.
D) Fundamental causes of prosperity are shaped by proximate causes of prosperity.
Answer: C) Proximate causes of prosperity are shaped by fundamental causes of prosperity.
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YearAntonio's Hourly wageConsumer Price Index2006$8.40201.62010$9.05218.1 Refer to Table 8.2. From 2006 to 2010, Antonio received a total of $0.65 in pay raises, and the CPI also increased as shown in the table. What happened to Antonio's real wage from 2006 to 2010?
A. It rose because Antonio's nominal wage and the CPI were both higher in 2010 than in 2006. B. It fell because Antonio's nominal wage rose more slowly than did the CPI. C. It rose because $9.05 is greater than $8.40. D. It fell because the change in the CPI was 16.5, which is greater than Antonio's wage.
Which of the following is an example of a negative externality?
a. Planting flowers in your front yard. b. Talking loudly when others are trying to study economics. c. People donating money to charity. d. The price of bread increases. e. Accidentally pushing someone as you try to cross the street.
Developments in the United States, such as credit cards, debit cards, ATMs, and online banking have:
A. increased the supply of money. B. increased the demand for money. C. had no impact on the supply or demand for money. D. decreased the demand for money.
Prior to World War II, the probability that an economic expansion of a given age would end in the next month
A. remained fairly steady as the age of the expansion increased. B. decreased as the age of the expansion increased. C. increased as the age of the expansion increased. D. was not associated with the age of the expansion.