In the above figure, the economy is at point A and the money wage rate rises by 10 percent. If the price level is constant, firms will be willing to supply output equal to
A) less than $16.0 trillion.
B) $16.0 trillion.
C) more than $16.0 trillion.
D) Without more information, it is impossible to determine which of the above answers is correct.
A
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In December 2014, the average price of gasoline in the United States was $2.50 per gallon and consumers bought 7 percent more gasoline than they had during April 2014, when the average price was $3.60 per gallon
Based on these numbers, what was the price elasticity of demand for gasoline from April 2014 to December 2014? A) -0.02 B) -0.19 C) -1.01 D) -2.26
If Big City Appliances is in tacit collusion with three smaller appliance firms and Big City Appliances consistently makes price changes that the other three firms then also make, this is an example of ________ by Big City Appliances.
A) price leadership B) a meet-or-release clause C) a meet-the-competition clause D) a precommitment
Output per worker is defined as
a. resource productivity b. the output-worker ratio c. labor productivity d. worker's GDP e. productive consumption
Which of the following statements is correct?
a. In the late 1800s, real GDP per person was higher in the United Kingdom than in the United States. b. In 2014, real GDP per person was higher in the United Kingdom than in the United States. c. The average annual growth rate of real GDP was higher in the United Kingdom than in the United States between the late 1800s and 2014. d. All of the above are correct.