The trends displayed in the table can best be explained by
A) service industries have increased as a proportion of the economy and they tend to have higher nominal wage rates.
B) the inflation rate has been rising over the time period.
C) the real wage rate has increased at a rate about equal to the inflation rate.
D) the nominal wage rate has increased at a rate about equal to the inflation rate.
E) None of the above can explain the trends in the figure.
D
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One interesting aspect of the California Gold Rush was
a. the initial absence of property rights to land. b. the use of indentured servants as a labor force in mines. c. the absence of violence in the gold fields. d. the formation of unions that negotiated wages and hours on behalf of miners. e. Both a and c are correct.
The most important reason for the increasing prominence of the corporation was:
a. protection from creditors. b. that some businesses required more capital than one person or a few people could provide. c. the use of "double liability." d. None of the above
The following economy produces two products.ProductsProduction Possibilities?ABCDEFSteel012345Wheat100907555300Refer to the above table. The marginal opportunity cost of the third unit of steel is:
A. 10 units of wheat. B. 15 units of wheat. C. 30 units of wheat. D. 20 units of wheat.
Suppose buyers in the used car market are willing to pay $6,000 for a plum (high-quality) used car and $3,000 for a lemon (low-quality) used car. If buyers believe that 75% of the used cars on the market are lemons (low quality), what would they be willing to pay for a used car?
A. $4,250 B. $4,000 C. $3,750 D. $3,500