In the factor market, firms ________ and households ________
A) hire land, labor, capital, and entrepreneurship services; purchase goods and services
B) supply land, labor, capital, and entrepreneurship services; hire land, labor, capital, and entrepreneurship services
C) pay rent, wages, interest, and profit; earn rent, wages, interest, and profit
D) purchase goods and services; supply goods and services
E) supply goods and services; purchase goods and services
C
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Between 1870 and 1913, labor migration from the "Old World" (Europe) to the "New World" (the United States, Canada, and Australia):
a. decreased the rate of growth of real wages in the New World and increased the rate of growth of real wages in the Old World. b. increased the rate of growth of real wages in the New World and decreased the rate of growth of real wages in the Old World. c. decreased the rate of growth of real wages in both the New and Old Worlds. d. increased the rate of growth of real wages in both the New and Old Worlds.
Inflation is measured
A) as the percentage change in the consumer price index. B) as the percentage change in real GDP. C) using the level of real GDP. D) using the level of the consumer price index.