Inflation increases:
A. the prices of goods and services only.
B. all prices, including wages.
C. only consumer prices, not producer prices.
D. wages first, followed by product prices.
Ans: B. all prices, including wages.
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If Tom can wax a car in fewer hours than Jerry, then Tom definitely has
A) a comparative advantage in car waxing. B) an absolute advantage in car waxing. C) both a comparative and an absolute advantage in car waxing. D) neither a comparative nor an absolute advantage in car waxing. E) an undetermined advantage because we do not know how long it takes Tom and Jerry to wash a car.
If population grows faster than income, then per capita income must fall
Indicate whether the statement is true or false
What percentage of American workers now belong to labor unions?
a. less than 20 percent b. about 40 percent c. about 60 percent d. more than 80 percent
Very recently, the debt-to-GDP ratio has been:
a. higher than usual. b. lower than usual. c. stabilized. d. volatile.