Assume that your nominal wage was fixed at $15 an hour, and the price of a gallon of gasoline rose from $1.00 to $1.05. In this case, your real wage (in terms of gasoline) has
A. increased to $20.
B. decreased to $14.25.
C. decreased to $10.
D. increased to $15.75.
Answer: B
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In the figure above, the shift from DLF1 to DLF2 could result from
A) an increase in a government budget surplus. B) the economy entering a recession. C) the economy entering a strong expansion. D) an increase in the nominal interest rate. E) a decrease in the real interest rate.
The see-through office building, and the boarded-up factory outlet mall may be attributed to
A) changing conditions which no longer justify the project for which the buildings were produced. B) deregulation of S & Ls. C) extreme business optimism. D) all of the above.
Explain why labor might not always be a variable input
What will be an ideal response?
In repeated games:
A. players no longer need commitment strategies to reach a mutually beneficial equilibrium. B. players will never reach a mutually beneficial equilibrium. C. there are no dominant strategies. D. negative-negative outcomes are the only outcomes possible.