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C over time the capital equipment used by workers has

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C. over time the capital equipment used by workers has deteriorated in quality. D. the supply of labor has increased. AACSB: Reflective Thinking Skills Blooms: Knowledge Learning Objective: 13-1 McConnell - Chapter 13 #10 Topic: Real and nominal wage rates; trends 11. If the nominal wage increases by less than the price level, the real wage: A. will increase. B. will decrease. C. may either increase or decrease. D. will diverge from labor productivity growth. AACSB: Reflective Thinking Skills Blooms: Understanding Learning Objective: 13-1 McConnell - Chapter 13 #11 Topic: Real and nominal wage rates; trends
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12. If the nominal wage rises by 4 percent, and the price level rises by 7 percent, the real wage will: A. be unaffected. B. rise by 3 percent. C. fall by 3 percent. D. rise by 11 percent. AACSB: Analytical Skills Blooms: Application Learning Objective: 13-1 McConnell - Chapter 13 #12 Status: New Topic: Real and nominal wage rates; trends 13. If the nominal wage rises by 6 percent, and the price level falls by 2 percent, the real wage will: A. be unaffected. B. rise by 4 percent. C. fall by 4 percent. D. rise by 8 percent. AACSB: Analytical Skills Blooms: Application Learning Objective: 13-1 McConnell - Chapter 13 #13 Status: New Topic: Real and nominal wage rates; trends 14. Long-run real wages in the United States have: A. risen, because growth in the demand for labor has exceeded growth in the supply of labor. B. risen, because the supply of labor has fallen over time. C. fallen, because growth in the supply of labor has exceeded growth in the demand for labor. D. fallen, because the demand for labor has fallen over time. AACSB: Reflective Thinking Skills Blooms: Knowledge Learning Objective: 13-1 McConnell - Chapter 13 #14 Status: New Topic: Real and nominal wage rates; trends 15. Since 1960, real hourly compensation in the United States has approximately: A. remained the same. B. risen by 40 percent. C. doubled. D. tripled. AACSB: Reflective Thinking Skills Blooms: Knowledge Learning Objective: 13-1 McConnell - Chapter 13 #15 Status: New Topic: Real and nominal wage rates; trends 16. Marginal revenue product (MRP) of labor refers to the: A. increase in total revenue resulting from the sale of an additional unit of output. B. amount by which a firm's total resource cost increases when it employs one more unit of labor. C. increase in total revenue resulting from the hire of one more unit of labor. D. price at which additional units of labor can be employed in a monopsonized labor market. AACSB: Analytical Skills Blooms: Knowledge Learning Objective: 13-2 McConnell - Chapter 13 #16 Topic: Purely competitive labor markets
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17. Marginal resource cost refers to the: A. increase in total revenue resulting from the sale of the extra output of one more worker.
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C over time the capital equipment used by workers has...

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