Grant Gant was a doctor in 1944 and earned $12,000 that year. His daughter, Gretta Gant, is a doctor today and she earned $210,000 in 2005. The price index was 17.6 in 1944 and 184 in 2005.
Grant Gant's 1944 income in 2005 dollars is
a. $1,147.83.
b. $113,454.55.
c. $125,454.55.
d. $1,996,800.00.
c. $125,454.55.
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The demand curve for labor would shift leftward as the result of:
A. an increase in the price of the product labor is producing. B. a decrease in the productivity of labor. C. an increase in the price of labor. D. a decrease in the price of capital, provided the output effect exceeds the substitution effect.
Using Figure 9.1, the amount of autonomous consumption is
A. $500 billion. B. Equal to disposable income when the consumption line crosses the 45-degree line. C. Different at every income level. D. $750 billion.
Economic profits are equal to
A) total revenues minus total fixed costs. B) total revenues, after tax, minus cost of goods sold. C) total revenues minus the implicit and explicit costs of all inputs used. D) total revenues minus the opportunity cost of labor.
In an economy, if the velocity of money falls faster than the supply of money, ____
a. ?nominal GDP will increase b. ?nominal GDP will decrease c. ?the price level will increase rapidly d. ?nominal GDP will stay the same e. ?commercial banks will decrease the creation of money