Since 1960, real hourly compensation in the United States has approximately:
A. remained the same.
B. risen by 40 percent.
C. doubled.
D. tripled.
Answer: C
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Define the term price discrimination. What conditions must hold for a firm to be able to practice price discrimination? How are consumers affected by price discrimination?
What will be an ideal response?
By 2016, economists had drawn what conclusion about the very low productivity growth that lasted from 2005 to 2015?
A. Productivity slowed because of government overregulation. B. Productivity slowed because of a decrease in investment. C. Productivity averaged only 1.2 percent during that time. D. It was merely a temporary pause in otherwise strong productivity growth.
The signals in markets are determined
A. for all goods by the government through the use of price controls. B. by nonprice rationing devices. C. by supply and demand. D. in an unfair manner that ends up hurting the poor.
When there is a shortage of a product in an unregulated market, there is a tendency for
A. price to rise. B. quantity supplied to decrease. C. price to fall. D. quantity demanded to increase.