Real wages in the United States in the long run:
A. show no discernible relationship to output per worker.
B. have increased at about the same rate as increases in output per worker.
C. have increased slower than increases in output per worker.
D. have increased faster than increases in output per worker.
Answer: B
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Based on data in the table above, use the midpoint method to determine the cross elasticity of demand for ice cream and cake
A) The cross elasticity is -0.75. B) The cross elasticity is -1.75. C) The cross elasticity is -0.83. D) The cross elasticity is -4.0. E) The cross elasticity is -1.33.
Social insurance programs are conditioned on events, rather than means
Indicate whether the statement is true or false
If your income goes up by 2% and, in response, the quantity demanded of good x falls by 3%, the good x can be considered
a. An inferior good b. A normal good c. A public good d. A private good
If the economy could produce 42 consumer goods and 12 capital goods, given the current production possibilities curve, the economy would be producing ___________________ (outside/on/inside) the curve.
