A nominal wage is:
a. always equal to the legal minimum wage
b. the same as the efficiency wage.
c. measured in terms of the amount of goods and services it can purchase.
d. measured in current dollars rather than in constant dollars.
e. measured in constant dollars rather than in current dollars.
d
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The statistical discrepancy is
a. also known as the "errors and omissions term." b. the amount that must be added to balance the total balance of payments to make it equal to zero. c. the adjusted amount to balance the capital account. d. the adjusted amount to balance the current account. e. Both a and b
According to the Laffer curve, when the tax rate is 100 percent, tax revenue will be:
A. 0. B. at the maximum value. C. the same as it would be at a 50 percent tax rate. D. greater than it would be at a 50 percent tax rate.
(Consider This) The Native American arts and crafts story illustrates the twin ideas of:
A. product differentiation and monopolistic competition. B. excess capacity and monopolistic competition. C. local oligopoly and strategic behavior. D. pure monopoly and price discrimination.
Dumping is a trade practice in which countries sell goods in a foreign market at cheaper prices than the goods can be produced domestically.
Answer the following statement true (T) or false (F)