Which statement best describes the growth rate of adult male real wages between 1820-1860 in the U.S.?
a. The growth rate was about the same as it was in pre-Revolutionary U.S.
b. The growth rate was negative.
c. The growth rate was more than 5 percent per year.
d. The growth rate was 1.2-1.6 percent per year.
d. The growth rate was 1.2-1.6 percent per year.
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The bias in the CPI affects government outlays because the overstatement of inflation
A) means that tax receipts are less than what is needed to cover government outlays. B) decreases government outlays by more than what is justified. C) increases government outlays by more than what is justified. D) decreases social welfare benefits. E) increases fiscal pressure.
If an individual receives $10,000 after two years by investing $10,000 today, we can conclude that ________
A) the rate of inflation is zero B) the market rate of interest is zero C) the rate of inflation is negative D) the market rate of interest is negative