Related to the Economics in Practice on page 374: Considerable evidence suggests that recently in the United States, executive compensation has ________ and the real wage of the average worker has ________.
A. remained stagnant; decreased
B. increased; decreased
C. decreased; increased
D. increased; remained stagnant
Answer: D
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Economies of scale occur when the percentage increase in output
A) exceeds the percentage increase in all inputs. B) is less than the percentage increase in all inputs. C) exceeds the percentage decrease in all inputs. D) is less than the percentage decrease in all inputs.
The people who support restricted international trade say that ______
A. protection saves jobs, in both the U.S. and foreign economies B. U.S. firms won't be able to compete with low-wage foreign labor if trade is free C. outsourcing sends jobs abroad, which brings diversification and makes our economy more stable D. protection is needed to enable U.S. firms to produce the things at which they have a comparative advantage
What are the problems that arise when a commodity is used as money?
What will be an ideal response?
Unemployment that is of a short duration to allow time to find a new job is:
a. structural unemployment. b. cyclical unemployment. c. frictional unemployment. d. durational unemployment.