The wage paid to workers measured in terms of real purchasing power is called the:
A. cost of living.
B. real wage.
C. nominal wage.
D. minimum wage.
Answer: B
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When stock prices fall
A) an individual's wealth is not affected nor is their willingness to spend. B) a business firm will be more likely to sell stock to finance investment spending. C) an individual's wealth may decrease but their willingness to spend is not affected. D) an individual's wealth may decrease and their willingness to spend may decrease.
Scarcity requires that we:
A. make sure we only want things that we are capable of consuming and producing. B. change our fiscal policy until the situation of scarcity is eliminated. C. make decisions in order to arrange our resources rationally. D. adopt economic policies that will lead to unlimited resources.
In competitive price-taker markets, if one firm raises its price,
a. others will follow b. that firm will increase its revenues c. that firm will lose revenues because other firms will not follow d. all consumers will be adversely affected e. the market demand curve will shift
A nation with a trade surplus will necessarily have saving that is greater than domestic investment
a. True b. False Indicate whether the statement is true or false