Camp Company had total earnings of $600 million in 2013, out of which it retained 20 percent for future investments. In 2013, its stock featured a dividend yield of 4 percent and 100 million shares were outstanding. The price-earnings ratio for Camp Company stock was

The "shoe-leather costs" of inflation are the costs from

A) the government taking a higher percentage of interest income. B) higher prices for all goods, including necessities such as shoes. C) confusion as people lose track of real costs and benefits. D) higher taxes due to higher inflation. E) time spent trying to spend money quickly.

Statistical studies in the United States have reached the conclusion that for low-income workers

a. the substitution effect is greater than the income effect. b. the income effect is greater than the substitution effect. c. the income effect is about equal to the substitution effect. d. the substitution effect is of the "wrong" sign.