The real wage rate is the ________ divided by the ________
A) equilibrium quantity of employment; potential GDP
B) nominal wage rate; inflation rate
C) nominal wage rate; price level
D) quantity of labor demanded; quantity of labor supplied
E) quantity of labor supplied; quantity of labor demanded
C
You might also like to view...
A firm's marginal cost is $82, its average total cost is $50, and its output is 800 units. Its total cost of producing 801 units is
A) less than $40,000. B) between $40,000 and $40,050. C) between $40,050 and $40,080. D) greater than $40,080.
A common theme among examples of market failure is
a. the good being provided harms society in some systematic way. b. some item of value does not have an owner with the legal authority to control it. c. cost-benefit analysis will show that private markets should provide the goods and services. d. government intervention decreases the social benefits.
The key characteristics of a monopolistically competitive market structure include
A) many small (relative to the total market) sellers acting independently. B) all sellers sell a homogeneous product. C) barriers to entry are strong. D) sellers have no incentive to advertise their products.
According to your authors, "wealth = material things"
A) must be rejected. B) makes sense to economists, but not non-economists. C) is the correct definition of wealth. D) helps us understand the foundations of what Adam Smith called the commercial society.