Relating to the Economics in Practice on page 374: Considerable evidence suggests that recently in the United States,________ has increased and ________ has stagnated.
A. the real wage; the nominal wage
B. the real wage for women; the real wage for men
C. executive compensation; the real wage of the average worker
D. the nominal wage of the average worker; executive compensation
Answer: C
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All else constant, if the use of historic costs understates the opportunity costs associated with using a particular piece of capital, accounting profit will be understated
Indicate whether the statement is true or false
Which of the following is not likely to occur because of exchange rate fluctuations?
A. An end to flexible exchange rates worldwide. B. Inflation. C. A decrease in the demand for exports. D. An increase in the demand for imports.
When the price of footballs decreases by 12 percent, the quantity demanded increases by 4 percent. Which of the following does this example show?
a. total revenue decrease for an elastic price demand b. total revenue increase for an elastic price demand c. total revenue decrease for an inelastic price demand d. total revenue increase for an inelastic price demand
The balance of payments is made up of three accounts: the merchandise trade account, the service account, and the investment income account.
Answer the following statement true (T) or false (F)