Real wages have fallen in the U.S. since 1973 for which of the following reasons?
A. Productivity growth slowed down during this period.
B. American factories were closing left and right as our relatively high-paying manufacturing jobs went to other countries.
C. The decline in the percentage of better-paid, unionized workers in the United States.
D. All of the choices are correct.
D. All of the choices are correct.
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Which of the following would shift the entire supply curve for electricity to the left?
a. a decrease in the price per unit of electricity b. a decrease in the price of coal used to generate electricity c. new EPA regulations that force the closing of the worst polluting coal-burning power plants d. a decrease in the price of alternative forms of energy e. a technological improvement that reduces the cost of producing electricity
Historical note concerning U.S. price levels: During the 1970s, with the onslaught of OPEC oil price increases
a. inflation occurred and it was primarily cost-push b. inflation was approximately zero because the Vietnam war ended and the demand for military goods fell dramatically c. deflation was persistent d. inflation occurred and it was primarily demand-pull e. stagflation, the difference between inflation and deflation, was approximately zero
A situation in which two people each want some good or service that the other person is able to provide is called a double coincidence of wants
a. True b. False Indicate whether the statement is true or false
Costs of renewing contracts or printing new price lists are known as
A. implicit economic costs. B. operating costs. C. menu costs. D. opportunity costs.