Suppose that residents of France have seen their real wage rate increase over time. This means that
A) French workers' inflation rate has increased over time.
B) French workers have increased their average hours of labor over time.
C) French workers have received increases in their nominal wage rate over time.
D) French workers have increased buying power.
E) the CPI must have decreased over time.
D
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The most common measure of productivity shocks is known as
A) the Solow residual. B) the Lucas supply curve. C) the Prescott productivity parameter. D) the Kydland factor.
Competition as a dynamic process implies that individual firms in a market
a. seek to utilize a variety of techniques, such as product, style, and convenience of location, to win the dollar vote of consumers, but they never use price to compete. b. use price competition as well as other forms of competition to gain the dollar votes of consumers. c. produce a homogeneous product. d. cooperate, attempting to establish a price and output structure so each firm can survive and continue to serve the consumer.