Between 1967 and 1999, the industrial structure of the U.S. experienced which of the following changes?
(a) The industries experiencing slow or negative growth—primary metals, transportation, mining and steel—sought protection from competition from the federal government.
(b) All major nondurable sectors experienced growth.
(c) Machinery and electronics experienced rapid growth.
(d) All of the above.
(d)
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What happens if price falls below the market clearing price?
A. Supply shifts in. B. Demand shifts out. C. Quantity demanded decreases, quantity supplied increases, and a surplus results. D. Quantity demanded increases, quantity supplied decreases, and a shortage results.
The nominal wage rate is the
A) minimum hourly wage that a company can legally pay a worker. B) average hourly wage rate measured in the dollars of a given reference base year. C) minimum hourly wage rate measured in the dollars of a given reference base year. D) average hourly wage rate measured in current dollars. E) wage rate after inflation has been adjusted out of it.