The slowdown in the growth of real wages in the United States since 1973 is consistent with a concurrent:
A. slowdown in productivity gains.
B. slowdown in immigration into the country.
C. speedup in the rate of inflation.
D. slowdown in the growth of the working age population.
Answer: A
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A firm sells 300,000 units per week. It charges $ 35 per unit, the average variable costs are $40, and the average costs are $55 . In the short run, the firm should
a. Shut-down as the firm is making a loss of $15 million per week b. Shut-down as the firm cannot cover the variable costs c. Shut down because the price is lower than average cost d. None of the above
Which of the following is used to illustrate an independent relationship between two variables?
A. An upward-sloping curve B. A downward-sloping curve C. A hill-shaped curve D. A horizontal or vertical line
Why do economists think that the structural deficit is a good measure of the direction of fiscal policy?
A. Because it adjusts over the business cycle and reflects the fiscal stimulus of policy. B. Because it changes when policy changes, rather than when the economy changes. C. Because it changes when monetary policy changes, reflecting the interest rate cost of debt. D. Because it adjusts automatically, rather than requiring specific legislation.
The practice of price discrimination is associated with pure monopoly because:
A. it can be practiced whenever a firm's demand curve is downsloping. B. monopolists have considerable ability to control output and price. C. monopolists usually realize economies of scale. D. most monopolists sell differentiated products.