Refer to Table 9-17. Looking at the table above, real average hourly earnings between 2015 and 2016 changed by
A) 1.2%.
B) 4.5%.
C) 9.9%.
D) 14.5%.
D
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The lower the nominal interest rate, the
A) greater the quantity of money supplied. B) greater the demand for money. C) smaller the demand for goods and services. D) smaller the quantity of money demanded. E) greater the quantity of money demanded.
The amount by which people will increase or decrease their purchases when prices change
A) is typically greater in the case of luxuries than in the case of necessities. B) is typically less for business firms than for households because business firms can more easily borrow to maintain purchasing patterns. C) is typically less for business firms than for households because business firms must have certain goods to remain in operation. D) tends to be greater over longer periods of time because it takes time to invent and to discover substitutes. E) will be approximately zero unless the demand also changes.
What best describes state fiscal experience in the late 1920s and early 1930s?
a. Revenues dropped consistently through the period because less was being produced. b. State spending decreased through the period c. The growth in state expenditures exceeded the growth of federal expenditures during the same period. d. States either ran budget surpluses or fairly small deficits.
According to the law of diminishing marginal utility, the marginal utility curve is ____
a. vertical b. flat. c. upward sloping. d. downward sloping.