To raise real wages we must raise _______________.
Fill in the blank(s) with the appropriate word(s).
productivity (hourly output per worker)
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A property tax payment made by the owner of an apartment building is a
A) cost irrelevant to rent-setting decisions because it is not affected by supply and demand. B) marginal cost of continuing to own the building. C) marginal cost of supplying rental space. D) marginal overhead cost and will therefore affect rental rates. E) sunk cost and therefore cannot affect rents even in the long run.
Refer to Figure 19-10. Under the Bretton Woods System of exchange rates, if the par exchange rate was $2 per pound in the figure above, and equilibrium persisted at $3, then a revaluation of the currency would have
A) led to a balance of trade surplus. B) increased the price of imports to Britain. C) led to a current account surplus. D) increased the price of British exports to the United States.