The real wage rate measures the
A) quantity of goods and services that an hour of work will buy.
B) average weekly earnings in dollars of a worker.
C) dollar value of an hour of work.
D) dollar value of what a worker could earn in another job.
A
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When Keisha receives a flu vaccination, the additional benefit enjoyed by Keisha's friends is the
A) marginal private benefit. B) marginal external benefit. C) marginal social benefit. D) private benefit. E) marginal private cost.
An import quota does which of the following?
A. Decreases the price of the imported good to the consumer. B. Increases the price of the domestic good to the consumer. C. Redistributes income from the domestic producer to the protected domestic exporter. D. Decreases the price received by the foreign producer.
Because of the United States' long-standing trade deficit with Japan, the supply of U.S. dollars in Japan has increased. Which of the following is true about this situation?
A. The trade deficit will continue to increase in size as Japan gains more U.S. dollars and economic strength. B. We cannot say anything for sure about the trade deficit other than that it exists. C. The value of the U.S. dollar will decrease in terms of the yen, ceteris paribus, thereby reducing the trade deficit. D. Trade restrictions on Japanese imported goods are ultimately the only way to reduce the trade deficit.
An economy's production possibilities curve indicates
A. The rate of economic growth. B. How much the economy can produce. C. The rate of investment. D. The prices of any two goods.