The real wage equals the nominal wage ________ the CPI, all times 100
A) divided by
B) times
C) minus
D) plus
Answer: A
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Critics of Douglass North's "market opportunity response" model suggest that surges in land sales in the Old Northwest in the 1810s, 1830s and 1850s were due to
a. improved transportation between the Old Northwest and the Northeast. b. rising prices for hogs. c. a reduction of British interference. d. pervasive land speculation.
People often choose to specialize and trade because:
A. it always allows them to produce at a point beyond their own production possibilities frontier. B. they can take advantage of another nation's poor choices. C. they can consume a bundle of goods on their production possibilities frontier. D. it will allow them to enjoy more goods than they can create on their own.
A ________ is rival in consumption and viewers are excludable.
A. solar eclipse B. fireworks show in a local park C. television signal sent by cable D. television signal broadcast through the air
Related to the Economics in Practice on page 704: Of the children under 5 years of age in the world who are characterized as extremely short due to malnutrition, one half are in
A. Asia. B. Africa. C. South America. D. Eastern Europe.