When inflation occurs,
a. real wages must necessarily fall.
b. real wages must necessarily rise.
c. workers will experience falling real incomes.
d. workers' real income may rise or fall.
d
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Per capita real GDP is a measure of
A) productive activity. B) economic welfare. C) cost of living standards. D) cultural harmony.
The longer the time frame of analysis, the easier it is to make adjustments in production by switching production methods and/or building or closing down production facilities
a. True b. False Indicate whether the statement is true or false
If logrolling occurs during the creation of a highway construction bill, this means that
A. members of Congress are agreeing to support someone else's highway, so that other members will support their own projects. B. the bill is moved so fast through the process that no member of Congress can get their project included. C. members of Congress are taking bribes. D. the total costs are being trimmed.
The tax ________ is the measure or value upon which a government levies a tax.
A. base B. rate C. incidence D. structure