Related to the Economics in Practice on p. 573: According to the study cited in the Economics in Practice, which of the following is not true?
A. The study used a longitudinal survey done by the Census Bureau.
B. The researches found considerable evidence of wage stickiness.
C. Until recently it has been hard to find the right data to answer the question of wage stickiness.
D. To verify the sticky wage assumption the researchers looked at averages wages over time.
Answer: D
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Which list contains, in this order, a country whose real GDP per person grew faster and one whose real GDP per person grew slower than real GDP per person in the U.S. over about the last 100 years?
a. Bangladesh, India b. China, United Kingdom c. Japan, Brazil d. Pakistan, Mexico
Resources are
A) unlimited. B) able to be replicated in large quantities. C) what people would buy if their income was unlimited. D) used to produce goods and services to satisfy people's wants.