Refer to the data. U.S. imports are:
A. $26.
B. $16.
C. $24.
D. $14.
D. $14.
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The profit-maximizing combination of resources in a perfectly competitive situation occurs at the point at which
A) MRP of labor = price of labor (wage rate). B) MRP of land = price of land (rental rate per unit). C) MRP of capital = price of capital (cost per unit of service). D) All of the above are correct.
The typical workweek of a U.S. worker has fallen over the last century from about:
a. 50 hours per week to less than 40 hours per week. b. 60 hours per week to less than 40 hours per week. c. 40 hours per week to less than 30 hours per week. d. 70 hours per week to less than 60 hours per week.
If the Fed fears an economic downturn, it would be most likely to
a. encourage banks to provide loans by lowering the discount rate. b. encourage banks to provide loans by raising the discount rate. c. restrict bank lending by lowering the discount rate. d. restrict bank lending by raising the discount rate. e. restrict bank lending by lowering the federal funds rate.
Sue Holloway was an accountant in 1944 and earned $12,000 that year. Her son, Josh Holloway, is an accountant today and he earned $210,000 in 2013. The price index was 17.6 in 1944 and 218.4 in 2013. Refer to Scenario 24-3. In real terms, Sue Holloway’s income amounts to about what percentage of Josh Holloway’s income?
a. 11.0 percent b. 114.7 percent c. 70.9 percent d. 65.2 percent