Robert received a $100 gift certificate to a bookstore a year ago. The economy has been in an inflationary period for the last year. This gift certificate is
A) expressed in real terms and is worth more.
B) expressed in nominal terms and is worth less.
C) not expressed in either real or nominal terms since it is not money.
D) adjusted in terms of the CPI.
B
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The U.S. had a low fertility rate in the early nineteenth century
Indicate whether the statement is true or false
Licensing laws
a. are illegal in most industries b. serve to increase wage rates in some industries c. lead to higher employment levels in some industries d. reduce the quality of labor in a particular market e. are rarely effective at increasing wage rates
Look at the figure at right. A union wishes to maximize wage income for employed union? members, so it should aim for a wage rate? ________ and a number of employed members equal to
A. W3, Q3
B. W1, Q3
C. W3, Q1
D. W2, Q2
If the demand for a product increases proportionately faster than the increase in consumers' incomes, then the income elasticity of demand for the product is:
A. Zero B. Greater than zero C. Less than zero D. Equal to 1