Matt's real wage in 2014 is $26.80. If the price level is 104, what is Matt's nominal wage?
A) $30.80 B) $27.87 C) $26.80 D) $25.77
B
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An aggregate production function:
A) shows various combinations of labor and capital that can be used to produce a particular good. B) shows various quantities of two goods that can be produced at a given cost. C) shows the relationship between a country's GDP and its factors of production. D) shows the relationship between a country's output and its price level.
In theory, in the long run, monopolistically competitive firms earns zero profits. However, in reality there are some ways by which a firm can avoid losing profits. Which of the following is one such way?
A) find a market niche and keep it as narrow as possible so as to prevent other producers from entering this market segment B) gradually increase the mark-up on the goods produced C) identify new markets and develop products precisely for those markets D) lower the price of its products to expand its market share
The federal corporate income tax is
A) unfair. B) progressive. C) proportional. D) regressive.
The passive approach depends on the forces of what automatic stabilizers to close a recessionary gap?
a. Aggregate Demand b. Interest Rates c. Short Run Aggregate Supply d. Passive Approach depends on nothing to close recessionary gaps