Since 1948, the history of real wage rates generally shows that
a. prices and wages have risen at the same rate.
b. prices have risen at a slower rate than wages.
c. prices have risen faster than wages.
d. real wages have remained constant over the period.
b
Economics
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Which of the following explains why a $100 billion reduction in consumption spending might decrease equilibrium real GDP by more than $100 billion?
a. Say's law. b. The quantity theory of money. c. Flexible resource prices. d. The multiplier principle.
Economics
Assume investment is possible. Which of the following will decrease the supply of current consumption?
a. Decreased productivity of capital. b. A plague that kills half of the economy's laborers. c. Increased productivity of capital. d. A temporary rise in people's wealth.
Economics