Since 1981, the
A) real wage rate increased steadily.
B) nominal wage rate increased and the real wage rate did not change by very much.
C) real wage rate increased more than the nominal wage rate.
D) nominal wage rate increased at an uneven pace whereas the increase in the real wage rate was steady and constant.
E) nominal wage rate and real wage rate both decreased.
B
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Which of the following statements is true of competitive market equilibrium?
A) The determination of equilibrium price and quantity is independent of the demand for goods. B) Social surplus is minimized at the competitive equilibrium. C) At the competitive equilibrium, there are no unexploited gains from trade. D) A competitive equilibrium is determined only by a few large sellers in the market.
Keynesians view changes in velocity as the result of changes in
a. income. b. expectations. c. interest rates. d. inflation. e. all of the above.