Average real wages have not risen significantly since approximately 1973.
Answer the following statement true (T) or false (F)
True
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If the government makes a good illegal and then imposes stiffer penalties on illegal drug buyers than on sellers, the price of the good ________ and the quantity ________
A) falls; increases B) rises; decreases C) falls; decreases D) does not change; decreases
The difference between the costs (or benefits) created by both technological and pecuniary externalities is that in both cases costs are imposed on _____, but for _____ they are external to the market while _____ are allocated within the market
a. parties to the transaction; technological externalities; pecuniary externalities b. parties to the transaction; pecuniary externalities; technological externalities c. third parties; technological externalities; pecuniary externalities d. third parties; pecuniary externalities; technological externalities
Would you expect a shift in supply to have a greater effect on equilibrium quantity in the short run or in the long run? Explain your answer.
A. A greater effect on equilibrium quantity in the long run because the longer the time period, the more elastic is the good's demand. B. The same effect on equilibrium quantity in the short run and the long run because when analyzing one good, it is predicted that elasticity does not change. C. A greater effect on equilibrium quantity in the short run because elasticity is higher the shorter the time period. This would lead consumers to adjust their quantity greatly. D. A greater effect on equilibrium quantity in the long run because the longer the time period, the greater the increase in income and thus demand. References
Checking account balances are:
A. not included in M1. B. not money. C. included in M2 but not M1. D. included in M1 and serve as a medium of exchange.