The ________ measures a worker's earnings in current dollars, or the amount on a worker's paycheck, while the ________ measures the wage in constant dollars, or the purchasing power of the worker's earnings
a. real wage; living wage
b. living wage; real wage
c. before-tax wage; after-tax wage
d. nominal wage; real wage
d
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The absence of the Southern economy's ability to earn foreign exchange and its markets severely impacted all non-local trade in the U.S. after the Civil War
Indicate whether the statement is true or false
Which of the following goods have a negative income elasticity of demand?
a. Cars b. Items from Dollar stores c. Shoes d. Bread
If the price of inputs rises when a nation is in the intermediate range:
a. Real GDP falls and average price level rises. b. Real GDP rises and real GDP remains the same. c. Real GDP remains the same and average price level falls. d. Real GDP remains the same and average price level rises. e. Real GDP remains the same and average price level remains the same.
Giffen goods have positively-sloped demand curves because they are
a. normal goods for which the income effect outweighs the substitution effect. b. normal goods for which the substitution effect outweighs the income effect. c. inferior goods for which the income effect outweighs the substitution effect. d. inferior goods for which the substitution effect outweighs the income effect.