How did families manage to keep up their standard of living in the 1970s and 1980s in the face of falling real wages?
A. They went on welfare and food stamps.
B. They tightened their belts.
C. They sent their stay-at-home mom to work.
D. They went into debt.
C. They sent their stay-at-home mom to work.
You might also like to view...
The simplest device to analyze dynamic decisions is a
A) one-period model. B) two-period model. C) model that includes only the number of years of a typical consumer's lifetime. D) continuous time model.
Explain why the supply-and-demand model should not be used to analyze the market for jeans
What will be an ideal response?
The average duration of unemployment across the labor force is about
A) 25 weeks. B) 15 weeks. C) 8 weeks. D) 4 weeks.
Examples of indirect taxes are
A. income taxes levied by some states. B. sales taxes and property taxes. C. poll taxes. D. corporate profits taxes.