The expansion of information technology and the increasing complexity of the economy should make the wage premium
A. continue rising.
B. continue falling.
C. rise.
D. fall.
Answer: A
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When there is a recessionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; decline B. increase; raise; decline C. decline; lower; expand D. decline; raise; decline
Assume a national brewing company loses market share to a lower-priced competitor. Assume also that the company's workers go on strike and are able to negotiate a hefty wage increase
As such, we can conclude, with certainty, that the combination of these two changes would cause the equilibrium price and quantity of the company's product to decrease. Indicate whether the statement is true or false
Utility theory assumes that a consumer tries to
A. maximize the difference between total and marginal utility. B. maximize her average utility. C. maximize her marginal utility. D. maximize her total utility.
Under rate-of-return regulation, natural monopolies must use
A. pricing that takes only marginal revenue into consideration. B. marginal cost pricing. C. efficient pricing. D. average cost pricing.