When the economy's actual price level exceeds the expected price level, the real value of an agreed-on ________ ________ declines
a. real wage
b. nominal wage
c. contractual price
d. supply level
b
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Buyers and sellers of a particular good make up the:
A. demand for the good. B. production possibilities curve for the good. C. market for the good. D. supply for the good.
Standardized goods and services refers to those that:
A. are interchangeable. B. have close substitutes. C. are unique. D. are regulated by the government.
John just graduated law school and has two competing job offers. The first is in Phoenix and pays a salary of $150,000 . He has a similar job offer in Cleveland that pays $90,000 . Which pair of CPIs would make the two salaries have the same purchasing power?
a. 70 in Phoenix and 42 in Cleveland b. 68 in Phoenix and 34 in Cleveland c. 42 in Phoenix and 70 in Cleveland d. 34 in Phoenix and 68 in Cleveland
In an economy with a population of 100 million persons, 44 million hold civilian jobs and 6 million are not working but are looking for jobs. The unemployment rate is
A) 6.0 percent. B) 13.6 percent. C) 7.3 percent. D) 9.4 percent. E) 12.0 percent.