Refer to the information provided in Table 30.1 below to answer the question(s) that follow.
Table 30.1
Refer to Table 30.1. What is the real wage rate in 2014 using 2016 as the base year?
A. $6.00
B. $6.84
C. $11.40
D. $13.30
Answer: D
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An example of the quality change bias, and not a new goods bias, in the calculation of the CPI is a price increase in
A) Coke versus Pepsi. B) DVDs purchased on Craigslist, an online classified website. C) a 2013 GPS unit versus a 2008 GPS unit. D) etexts versus used books . E) pants purchased by a first-time shopper at Aeropostale.
The Keynesian model differs from the classical model in that
a. people do not have perfect information about the future in the Keynesian model. b. real wages are not flexible in the Keynesian model. c. monetary policy affects aggregate demand in the Keynesian model. d. expectations are crucial in the classical model. e. all of the above.
Which of the following factors can partly explain the long-term growth in production in the U.S. economy?
a. Trade surpluses and accumulation of precious metals b. A gradual but consistent increase in the price level c. Growth in population d. Improvements in technology e. Federal government budget deficits
Water subsidies to irrigators
a. Tend to increase economic efficiency b. Tend to internalize externalities c. Tend to increase water prices d. Tend to increase the quantity of water used e. Tend to promote water conservation