A wage that allows people to pay for the necessities of life is known as a(n):
a. equilibrium wage.
b. minimum wage
c. living wage.
d. fair wage.
e. subsistence wage.
c
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If the nominal interest rate is 5.6 percent and the rate of inflation is 7.1 percent in a given year, then what is the corresponding real rate of return?
A) 12 .7 percent B) 1.5 percent C) -1.5 percent D) -12.7 percent
If demand for a good increases when incomes rise and decreases when incomes fall, the good is called a(n) ______ good.
a. substitute b. normal c. inferior d. complement
The following question relate to a community that is circular in nature with a one mile circumference. There are 81 people evenly distributed around the lake where the town is built. The travel cost is $10 per mile, a restaurant costs $100 to set up, and the cost per meal is $2. Calculate the optimal number of restaurants without using the graph. Round off small residuals to the nearest whole number. Show your work.
What will be an ideal response?
For most goods and services, income elasticity of demand tends to be smaller in the short run than in the long run. However, a recent study shows that the demand for a durable good such as automobiles tends to be more income-elastic in the short run than in the long run. Explain why.
What will be an ideal response?