Refer to Table 20-14. The percentage change in real average earnings from 1965 to 2010 equals
A) 2.0 percent. B) 19.7 percent. C) 24.6 percent. D) 80.3 percent.
C
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Refer to Mexico and Japan. What is the cost of producing cloth in Japan?
a. 1/2 bushel of food per bolt of cloth.
b. 3/4 bushel of food per bolt of cloth.
c. 4/3 bushels of food per bolt of cloth.
d. 3 bushels of food per bolt of cloth.
Use the following graph, which shows the supply and demand curves for dollars in the pound/dollar market, to answer the next question.
Assume that D1 and S1 are the initial demand for and supply of dollars. Suppose that Britain's demand for dollars increases from D1 to D2. If the British government wishes to fix the exchange rate at the initial level, then it would be faced with a problem of ________.
A. rationing Q2 dollars among British importers who would like to acquire Q3 dollars B. rationing Q3 dollars among British importers who would like to acquire Q2 dollars C. deteriorating terms of trade D. a rise in the pound price of dollars
In general, perfectly competitive firms maximize their profit by producing the level of output at which:
A. total cost is minimized. B. total cost equals total revenue. C. marginal cost is minimized. D. marginal cost equals price.
Savings is negative below a disposable income of ____________.
