Suppose Mack's wage was $7.00 an hour in 2001 and was $12.00 per hour in 2012. The CPI was 94 in 2001 and 201 in 2012. The 2001 wage in terms of 2012 dollars is
A) $13.16. B) $7.00. C) $14.97. D) $14.07. E) $3.48.
C
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The labor force divided by the working age population equals the:
A. participation rate. B. unemployment rate. C. population rate. D. employment rate.
A social system could eliminate profits and losses if it could
A) eliminate greed and selfishness. B) eliminate uncertainty. C) fix all prices to reflect opportunity costs. D) fix all prices to reflect the value of the labor embodied in goods. E) tax all receipts above cost and redistribute them to firms unable to cover all their costs.
If a firms cuts inputs in half, and output falls by more than half, then there are
A) increasing returns to scale. B) decreasing returns to scale. C) constant returns to scale. D) decreasing marginal returns.
An insurance company offering discounts to students with high grades in school an example of:
A. screening. B. signaling. C. statistical discrimination. D. building a reputation.