If the real wage rate increases over time, this means that the
A) inflation rate has increased over time.
B) quantity of labor has increased over time.
C) nominal wage rate has increased over time.
D) buying power of an hour's work has increased over time.
E) the CPI must have decreased over time.
Answer: E) the CPI must have decreased over time.
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Use the data in the table below to answer the following question.PriceQuantity Demanded$201218171620142412301036840644448The price elasticity of demand (based on the midpoint formula) when price decreases from $16 to $14 is
A. -3.29. B. -1.37. C. -0.33. D. -1.
A variable that is potentially affected by an experimental treatment is referred to as a(n):
A) compulsory variable. B) omitted variable. C) independent variable. D) dependent variable.
The figure illustrates the market for bagels. If the number of bagels is cut from 20 to 10 an hour, the deadweight loss is ________
A) $0.50 a bagel B) -$5.00 an hour C) $0 an hour D) $5.00 an hour
If in the short run prices did not respond at all to changes in aggregate demand, the short-run aggregate supply curve would
A) be vertical. B) be horizontal. C) slope up. D) slope down.