Suppose that Colleen's nominal wage rate was $20 per hour in 1998, the base year for the CPI. If the CPI in 2003 was 120.0 and her nominal wage had risen to $22 per hour, what was her real wage in 2003?
a. $16.67
b. $18.33
c. $22.00
d. $26.40
e. her real wage for 2003 cannot be determined with the information given
B
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Refer to Table 13-4. At Victoria's profit-maximizing output
A) total revenue equals $24 and total cost equals $20. B) profit equals $2. C) total revenue equals $21 and total cost equals $17. D) total revenue equals $25 and total cost equals $22.
The silverware industry has been in serious decline since the 1980s. Family dining habits are less formal so people purchase less silverware. Also, in 2006-2008, the price of silver increased from $5 to $20 per ounce. Which graph in Figure 4-12 best illustrates these developments?
a.
1
b.
2
c.
3
d.
4
Figure 4-12
Which of the following is incorrect?
A. Money is a means of payment but is not part of wealth. B. Money is wealth but not all wealth is money. C. An asset doesn't have to be a means of payment to be a part of a person's wealth. D. All items considered wealth can eventually be converted to a means of payment.
Personal income
A. may be greater than or less than national income. B. is always greater than national income. C. is always less than national income. D. will always equal national income.