The change in the quantity of goods and services that an hour's work can buy is measured by the
A) nominal wage.
B) real wage.
C) CPI.
D) real interest rate.
E) inflation rate.
B
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Define the unemployment rate and labor-force participation rate. Discuss the differences between these two rates
What will be an ideal response?
Products are homogenous when:
A. they are identical in the eyes of the purchasers B. some purchasers view the products as different C. suppliers can charge different prices for the same good D. they meet basic safety standards.
According to the "law of demand"
A) demand generates a supply sufficient to satisfy the demand. B) nothing will be produced unless there is a demand for it. C) people will purchase less of a good when its price rises. D) wants are indefinitely expansible and can never be fully satisfied. E) whatever people want will eventually be supplied.
A reduction in aggregate demand will normally reduce
a. prices. b. real GDP. c. employment. d. All of the above are correct.