This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Moving along the AS curve, the real wage rate is constant while moving along the potential GDP line, ... (Read 122 times)

jon_i

  • Hero Member
  • *****
  • Posts: 549
on: Jun 29, 2018
Moving along the AS curve, the real wage rate is constant while moving along the potential GDP line, the real wage rate changes. Explain whether the previous statement is correct or incorrect.
 
  What will be an ideal response?

Question 2

Refer to the figure above. What is the market-wide consumer surplus when the market price of calculators is 3?
 
  A) 600
  B) 725
  C) 1,000
  D) 1,120


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

Sweetkitty24130

  • Sr. Member
  • ****
  • Posts: 291
Reply #1 on: Jun 29, 2018
Answer to Question 1

The statement is incorrect. It reverses the situation. Moving along the AS curve, the money wage rate is constant and so the real wage rate changes. Moving along the potential GDP line, money wage rates have adjusted to the change in the price level and so the real wage rate is constant.

Answer to Question 2

C


jon_i

  • Member
  • Posts: 549
Reply 2 on: Jun 29, 2018
Thanks for the timely response, appreciate it

lindahyatt42

  • Member
  • Posts: 322
Reply 3 on: Yesterday
:D TYSM

« previous next »
 

Did you know?

The cure for trichomoniasis is easy as long as the patient does not drink alcoholic beverages for 24 hours. Just a single dose of medication is needed to rid the body of the disease. However, without proper precautions, an individual may contract the disease repeatedly. In fact, most people develop trichomoniasis again within three months of their last treatment.

Did you know?

Though newer “smart” infusion pumps are increasingly becoming more sophisticated, they cannot prevent all programming and administration errors. Health care professionals that use smart infusion pumps must still practice the rights of medication administration and have other professionals double-check all high-risk infusions.

Did you know?

In most cases, kidneys can recover from almost complete loss of function, such as in acute kidney (renal) failure.

Did you know?

In most climates, 8 to 10 glasses of water per day is recommended for adults. The best indicator for adequate fluid intake is frequent, clear urination.

Did you know?

All adults should have their cholesterol levels checked once every 5 years. During 2009–2010, 69.4% of Americans age 20 and older reported having their cholesterol checked within the last five years.

Rotation Rotation–Moving a body part around a central axis. Rotation Rotation–Moving a body part around a central axis.
Examples of Ways That Different Types of Intersections of Two Line Segments Can Be Transformed into Examples of Ways That Different Types of Intersections of Two Line Segments Can Be Transformed into
The Radioactive Decay Curve The Radioactive Decay Curve
Nuchal Line Nuchal Line
If you walk 5.0 m horizontally forward at a constant velocity carrying a 10 N object, the ... If you walk 5.0 m horizontally forward at a constant velocity carrying a 10 N object, the ...
Cost = $99.49; Rate of markup based on cost = 32%. Find the markup and selling price. Cost = $99.49; Rate of markup based on cost = 32%. Find the markup and selling price.
Video: Muscular System Animation

For a complete list of videos, visit our video library