A report indicated that the average real wage in manufacturing declined by 2% between 1990 and 2000. If the CPI equaled 1.30 in 1990, 1.69 in 2000, and the average nominal wage in manufacturing was $35 in 2000, what was the average nominal wage in manufacturing in 1990?
A. $27.47
B. $26.92
C. $21.13
D. $26.40
Answer: A
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Scarcity requires that we
A) produce efficiently. B) learn to limit our wants. C) have the most rapid economic growth possible. D) have unlimited resources. E) make choices about what goods and services to produce.
Point C on the production possibilities frontier in the above diagram illustrates
A) a point that achieves production efficiency. B) a combination of goods and services that cannot be produced efficiently C) all goods and services that are desired but cannot be produced due to scarce resources. D) a production point that has underutilization of resources
Which of the following is true about a monopoly?
A) Its demand curve is generally less elastic than in more competitive markets. B) It will always earn economic profit. C) It will always produce the same as a perfectly competitive firm. D) It will always be subject to government regulation. E) None of the above is true.
An economy's production function has the constant-returns-to-scale property. If the economy's labor force doubled and all other inputs stayed the same, then real GDP would
a. stay the same. b. increase by exactly 50 percent. c. increase by exactly 100 percent. d. increase, but not necessarily by either 50 percent or 100 percent.