The real wage rate is the nominal wage rate adjusted for inflation since some base year.
Answer the following statement true (T) or false (F)
True
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What is Calvin’s opportunity cost to produce 3/4 pound of food?
a. 1/2 yard of cloth
b. 1 yards of cloth
c. 1-1/2 yards of cloth
d. 2 yards of cloth
The primary function of central banks is to:
A. increase risk and volatility to increase compensation. B. increase the uncertainty that firms face in making investment decisions. C. eliminate the need for banks to collect financial information. D. control inflation, as well as help reduce the size and frequency of business cycle fluctuations.
If there is a decrease in industry supply while the industry demand curve remains the same, then an individual firm in a perfectly competitive industry currently earning losses will see its losses
A. increase. B. decrease. C. not change. D. impossible to determine
People obtain their money incomes basically by
A) chance. B) hard work. C) inheritance. D) supplying something for which others are willing to pay.