In 2008, the nominal minimum wage rate was $7.25 an hour and the CPI was 200. The real minimum wage rate in 2008 was
A) $3.63 an hour.
B) $14.50 an hour.
C) $1450 an hour.
D) $26.32 an hour.
E) $7.25 an hour.
A
You might also like to view...
The demand for money to cover unexpected expenditures and to meet emergencies is known as
A) the transactions demand for money. B) the precautionary demand for money. C) the asset demand for money. D) the terminal demand for money.
How do lags affect stabilization policy? Your answer should include three specific types of lags
Suppose that there is not enough parking at an urban university. Sometimes students come to campus, spend a few minutes searching for a parking spot, and then decide that going to class isn't worth the effort of continuing to search for a parking spot, so they go home. Assume that all professors give midterm exams on the same day. You would expect the optimal amount of time spent searching for a parking spot on that day to ________ because ________.
A. decrease; the marginal benefit of search is lower B. increase; the marginal cost of search is lower C. decrease; the marginal cost of search is higher D. increase; the marginal benefit of search is higher
According to the general utility formula, the marginal utility of product A divided by the ____________ is equal to the marginal utility of product B divided by the _____________.
Fill in the blank(s) with the appropriate word(s).