Suppose that your income during Year X was $50,000 . and the CPI for Year X was 150 (base year = Z=100). Back in Year Z your income was $30,000 . Has your real income increased or decreased from Z to year X? By how much?
a. Increased by $5,000.
b. Increased by $3,333.
c. Unchanged.
d. Decreased by $3,333.
e. Decreased by $5,000.
b
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Since 1967, there has not been much change in the income of the bottom 10% of earners in the U.S. economy. This can be attributed to:
A) the adoption of labor-saving technology. B) the cultural and social changes in the economy. C) the adoption of labor-complementary technology. D) the adoption of skill-biased technology by most firms.
Each of these is an industrial union except
A. the steel workers' union. B. the auto workers' union. C. the teamsters' union. D. the musicians' union.
Suppose that the price of a box of shotgun shells is $5. Morris's marginal cost of producing boxes of shotgun shells is $3.50 for the first box, Tommy's marginal cost of producing boxes of shotgun shells is $4 for the second box, Pat's marginal cost of producing boxes of shotgun shells is $5.50 for the third box, and Al's marginal cost of producing boxes of shotgun shells is $6 for the fourth box. In equilibrium, what is the producer surplus from producing boxes of shotgun shells?
A. $1.50 B. $2.50 C. $3.50 D. $4.00
Perfectly competitive firms are price setters.
Answer the following statement true (T) or false (F)