Which of the following is true?
a. The nominal wage will be constant only if the inflation rate is constant
b. The real wage will be greater than the nominal wage only if the inflation rate is constant.
c. The nominal wage and the real wage will change by the same amount if the price level is constant.
d. The real wage will be equal to one only if the price level is zero.
e. The real wage will be constant only if the nominal wage is constant.
c
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The majority of American workers are employed in the service sector of the economy
a. True b. False Indicate whether the statement is true or false
Use the following production possibilities tables to answer the next question.Germany's Production Possibilities ABCDEFAutos (millions)048121620Chemicals (millions)4032241680United States' Production Possibilities ABCDEFAutos (millions)03691215Chemicals (millions)60483624120Assume that prior to specialization and trade Germany and the United States both produced combination C. Now if each nation specializes according to its comparative advantage, the resulting gains from specialization and trade will be
A. 6 million units of autos and 8 million units of chemicals. B. 6 million units of autos. C. 8 million units of autos and 6 million units of chemicals. D. 8 million units of autos.
The four-firm concentration ratio (C4) of a market can be used to help determine whether firms may have market power.
a. true b. false
The tools of monetary policy for altering the reserves of commercial banks are the:
a. Discount rate, reserve ratio, and open-market operations b. Tax rate and level of government spending c. Consumer price index and unemployment rate d. Public debt, budget surplus, and budget deficit