The wage rate that is adjusted for changes in the price level over time is the
A. nominal wage rate.
B. money wage rate.
C. real wage rate.
D. expected future wage rate.
Answer: C
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Matt pays a $50 a month membership fee at Bruno's Gym. He can exercise at the gym as many times as he wishes
If the membership fee is measured along the vertical axis and the number of times he exercises is measured along the horizontal axis, the graph between his membership fee and the number of times he exercises will A) be a horizontal line. B) be positively sloped. C) be negatively sloped. D) be a vertical line. E) start out positively sloped and then, as Matt loses interest, become negatively sloped.
In order to maximize its profit, a single-price monopoly produces the amount of output so that
A) P = MC. B) MR = MC. C) P = MC - MR. D) P = MR. E) P = ATC.
Average fixed cost:
A. remains constant and doesn't vary with output. B. decreases as output increases. C. increases as output increases. D. equals total cost divided by output.
The Latin term "ceteris paribus" means:
A. that if event A precedes event B, A has caused B. B. that economics deals with facts, not values. C. other things equal. D. prosperity inevitably follows recession.