Homework Help is Here – Start Your Trial Now!
Business
Economics
QUESTION 1 If the nominal wages of carpenters rose by 5 percent and the price level increased by 3 percent, then the real wages of carpenters: decreased by 2 percent. increased by 2 percent. 1. A. ABCD B. C. D. B increased by 3 percent. increased by 8 percent.

QUESTION 1 If the nominal wages of carpenters rose by 5 percent and the price level increased by 3 percent, then the real wages of carpenters: decreased by 2 percent. increased by 2 percent. 1. A. ABCD B. C. D. B increased by 3 percent. increased by 8 percent.

Brief Principles of Macroeconomics (MindTap Course List)
Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter12: Money Growth And Intlation
Section: Chapter Questions
Problem 5PA
See similar textbooks
icon
Related questions
Question

Economic Questions 1, 2, 3, and 4

What is the correct answers for these four econ questions?

 

QUESTION 1 If the nominal wages of carpenters rose by 5 percent and the price level increased by 3 percent, then the real wages of carpenters: decreased by 2 percent. increased by 2 percent. 1. A. B. C. D. B ه ن هه نه QUESTION 2 2. Real wages would rise if the: Prices of goods and services rose more rapidly than nominal-wage rates B. Prices of goods and services rose less rapidly than nominal-wage rates C. D. A. B increased by 3 percent. increased by 8 percent. 3 A. B. C. D. QUESTION 3 Critics of the minimum wage argue that an increase in the minimum wage rate above the equilibrium rate of a purely competitive labor market would: Increase unemployment in the labor market Increase firms' demand for labor A Prices of goods and services and wage rates both rose Prices of goods and services and wage rates both fell A Decrease the supply of labor Cause firms to substitute labor for capital QUESTION 4 4. Which of the following has not been a major factor contributing to the high productivity of labor in the United States? A. High wage rates B. Technological advancement C. Education and training of workers D. High levels of capital investment
Transcribed Image Text:QUESTION 1 If the nominal wages of carpenters rose by 5 percent and the price level increased by 3 percent, then the real wages of carpenters: decreased by 2 percent. increased by 2 percent. 1. A. B. C. D. B ه ن هه نه QUESTION 2 2. Real wages would rise if the: Prices of goods and services rose more rapidly than nominal-wage rates B. Prices of goods and services rose less rapidly than nominal-wage rates C. D. A. B increased by 3 percent. increased by 8 percent. 3 A. B. C. D. QUESTION 3 Critics of the minimum wage argue that an increase in the minimum wage rate above the equilibrium rate of a purely competitive labor market would: Increase unemployment in the labor market Increase firms' demand for labor A Prices of goods and services and wage rates both rose Prices of goods and services and wage rates both fell A Decrease the supply of labor Cause firms to substitute labor for capital QUESTION 4 4. Which of the following has not been a major factor contributing to the high productivity of labor in the United States? A. High wage rates B. Technological advancement C. Education and training of workers D. High levels of capital investment
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Negotiating strategy
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Brief Principles of Macroeconomics (MindTap Cours…
Brief Principles of Macroeconomics (MindTap Cours…
Economics
ISBN:
9781337091985
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
Economics
ISBN:
9781337091992
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Exploring Economics
Exploring Economics
Economics
ISBN:
9781544336329
Author:
Robert L. Sexton
Publisher:
SAGE Publications, Inc
Principles of Economics 2e
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax
Principles of Macroeconomics (MindTap Course List)
Principles of Macroeconomics (MindTap Course List)
Economics
ISBN:
9781305971509
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS