If 1 - b = WN/PY where W is the nominal wage rate, N is the quantity of labor input, and PY is total income in nominal terms, then labor's share of national income grows if

A) (w - p) > (y - n).
B) (w - p) < (y - n).
C) (w - n) > (y - p).
D) (w - n) < (y - p).


A

Economics

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A) Germany; Japan B) Germany; Great Britain C) Great Britain; Canada D) Canada; Japan

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The economic principle of _________________ implies that the value of the subject property is determined by the price that market participants would pay to acquire a substitute property of similar utility and desirability,

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Figure 5-16


In Figure 5-16, Adam is

a.
better off at C than at D and able to afford either C or D.

b.
better off at D than at C but only able to afford C.

c.
equally well off at C and D and able to afford either C or D.

d.
equally well off at C and D but only able to afford C.

Economics