The real wage is the:
A. the ratio of wage of unskilled workers to the wage of skilled workers.
B. marginal product of labor.
C. supply of labor.
D. price of labor.
Answer: D
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One company that retained its monopoly position for years through control of raw materials was
a. Aluminum Company of America (ALCOA). b. Procter & Gamble. c. Ford Motor Company. d. U.S. Steel.
The two broad fields that make up the subject of economics are:
A. microeconomics and macroeconomics. B. personal investments and business investments. C. fiscal policy and monetary policy. D. imports and exports.
A firm's profit can be calculated by subtracting its total revenue from its total costs
a. True b. False Indicate whether the statement is true or false
The largest proportion of the U.S. public debt is held by:
A. the U.S. public (individuals, businesses, financial institutions, and government). B. foreign individuals and institutions. C. the Federal Reserve System. D. U.S. government agencies.