Real wages would rise if the prices of goods and services
A. rose more rapidly than nominal wage rates.
B. and wage rates both fell.
C. rose less rapidly than nominal wage rates.
D. and wage rates both rose.
Answer: C
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Agnes can produce either 1 unit of X or 1 unit of Y in an hour, while Brenda can produce either 2 units of X or 4 units of Y in an hour. There can be gains from exchange
A) if Agnes specializes in the production of X and Brenda specializes in the production of Y. B) if Agnes specializes in the production of Y and Brenda specializes in the production of X. C) only if Agnes becomes faster at producing X. D) only if Brenda becomes faster at producing X or Y.
A recession occurs when real GDP decreases for at least 6 months
Indicate whether the statement is true or false
List the economic functions of governments
What will be an ideal response?
If purchases power parity exists and the exchange rate is 1.50 u.s. dollars per British pound, then a latte that has a price of $4.00 in Northridge, California, has a price of _ in London, England?
a. 8.00 pounds b. 4.00 pounds c. 6.00 pounds d. 2.67 pounds e. .38 pounds