Which of the following is true about real wages?
What will be an ideal response?
Both workers and employers care more about the real wage than the nominal wage.
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Coal-fired steam locomotives become more efficient for railroads relative to oil-burning diesel locomotives as
A) the price of coal increases. B) the price of oil increases. C) coal-fired steam locomotives become larger. D) railroad freight rates increase.
The saying “the lower the price, the better” may not always be correct for an economy’s public interest because
A. people should have to pay for what they want. B. people will overuse something they perceive as being cheaper than the utility they receive for it. C. the government can no longer afford to provide all the goods and services it provides because it is slowly going broke. D. cheaper prices will make people buy less of other things.
Monetary policy directed at expanding GDP growth would include the following?
A. Selling bonds and increasing the discount rate B. Buying bonds and increasing the discount rate C. Decreasing the discount rate and increasing the reserve requirement D. Decreasing the discount rate and buying bonds
Which of the following families is statistically the most likely to live below the poverty threshold?
(A) A two-parent family of Hispanic origin living in the inner city. (B) A two-parent white family living in a rural area. (C) A black family headed by a single mother living in the inner city. (D) A black family headed by a single mother living in the suburbs.