Productivity measures (such as output per worker-hour) and wage rates adjusted for inflation in the United States are:
A. Inversely related
B. Unrelated
C. Directly, but not closely, related
D. Directly and closely related
D. Directly and closely related
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When buyers and sellers optimize in a perfectly competitive market, ________
A) social surplus is maximized B) social surplus is minimized C) only consumer surplus is maximized D) only consumer surplus is minimized
A budget line can show all butoneof the following statements below. Which one does itnotshow?
A. The budget line shows the available choices to a household. B. It is a curve of constant expenditure. C. The slope of the budget line increases as the quantity of a good consumed increases. D. The budget line shows how much it costs to purchase a combination of two goods, for a set income and prices.
Allocative efficiency is achieved in an industry when firms supply those goods and services that provide consumers with a marginal benefit equal to the marginal cost of producing those goods and services
Indicate whether the statement is true or false
Financial innovations such as direct deposit of paychecks, electronic payment of bills, and automated teller machines (ATMs) have likely ________
A) had minimal effect on M1 and M2 B) reduced the size of M2 relative to M1 C) increased both M1 and M2 relative to GDP D) caused the growth rates of M1 and M2 to become more stable E) reduced the size of M1 relative to M2