Suppose the real wage remains unchanged between Year 1 and Year 2 but the nominal wage increases from $20 to $24 . Based on this information, we can conclude that the price level has:
a. increased by 20 percent.
b. increased by 25 percent.
c. remained unchanged
d. decreased by 10 percent.
e. decreased by 20 percent.
a
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The above (incomplete) table provides information about the relationships between labor and various product measures. The average product of the fourth unit of labor
A) exceeds the marginal product of the fourth unit of labor. B) is less than the marginal product of the fourth unit of labor. C) is equal to the marginal product of the fourth unit of labor. D) is equal to 4.0.
Evaluate the Argentinean Convertibility Law of April, 1991
What will be an ideal response?
In 2009, the top 1 percent of income earners
a. made about 13 percent of all income. b. paid about 22 percent of all taxes. c. made over 2.5 times the percentage of all income earned by the lowest quintile. d. All of the above are correct.
Recall the Application about craft beer and the increase in the price of hops to answer the following question(s).Recall the Application. An increase in the production of beer resulted in the demand for hops because hops are ________ to beer.
A. inputs B. completely unrelated C. complements D. substitutes