The economic point of view assumes central bankers, bureaucrats, elected politicians, and tax collectors

From 1960 to 2015, inflation-adjusted wages increased by 165 percent in the U.S., and yet firms more than doubled the amount of labor they employed

a. True b. False Indicate whether the statement is true or false

A parity ratio of 0.6 in year A means that prices:

A. Received in year A could buy 60 percent as much as prices received in the base period B. Received in the base period could buy 60 percent as much as prices received in year A C. Received in year A had risen by 60 percent over the prices received in the base period D. Paid by farmers in year A had risen by 60 percent over the prices paid in the base period