Since 1948, the history of real wage rates generally shows that
a. prices and wages have risen at the same rate.
b. prices have risen at a slower rate than wages.
c. prices have risen faster than wages.
d. real wages have remained constant over the period.
b
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One of the features of money is its store of value. However, most people do not hold their wealth as currency. Given that currency is the most liquid type of asset, why don't people hold all their wealth as currency?
How does a move from no free trade to international free trade alter production and consumption in both the importing and exporting country in a two-country world?
What will be an ideal response?
If goods X and Y are substitute goods, then an increase in the price of Y, other things being equal,
A) results in a decrease in the amounts of both X and Y consumed. B) decreases the quantity demanded of Y, but has no effect on the amount of X consumed. C) results in a decrease in the quantity of Y consumed, but increases the demand for X. D) has no real effect on the quantity demanded of good Y, but increases the demand for X.
An organization of producers that limits the amount of a good produced is known as a
A) free market organization. B) guild. C) collective. D) co-op.