75. The nominal wage A) does not account for inflation. B) reflects actual buyin

Question

75. The nominal wage A) does not account for inflation. B) reflects actual buying power C) is expressed in dollars, whereas the real wage is not. D) is the amount of money one actually receives after taxes. E) measures productivity 76. Piece-rate wage contracts are most common in occupations t by managers A) True B) False that can be monitored easily Fringe benefits are a growing proportion of worker pay in the United States. A) True B) False 77. The cross price elasticity of demand for complements is: A) negative. B) positive C) equal to 1. D) positive only for normal goods. 78. 79. Supply curves tend to be more the greater the time period facing the producer A) price inelastic B) price elastic C) steeply sloped D) inflexible 80. The pair of items that is likely to have the highest cross price elasticity of demand is: A) B) C) D) coffee and tea. skis and ski boots. pizza and pepperoni. milk and cookies. 81. If a demand curve has a constant slope, price elasticity will also be constant. A) True B) False

Explanation / Answer

75) "A" a nominal wage doesn't account for inflation. It's the real wage which accounts for inflation.

76) "True". Piece rate wage contracts mean the labor will be paid for each unit he has produced regardless of time. These form of contracts are the easiest to monitor and understand.

77) "True" fringe benefits are increasing because they are non-taxable for the employee and tax-deductible for the employer. So companies keep the salaries low and provide high perks to evade taxes.

78) the value of cross-price elasticity for complements are "negative". Its joint demand of demand for one good fall other's demand will fall too.

79) Supply curve, in the long run, is "price inelastic" i.e., in the long run, no matter how much the price changes the supply can't be increased beyond a point.

80) "Cofee and Tea" because these are the substitutes they will have higher cross elasticity. If the demand for coffee goes down tea will rise higher.

81) "True" if the demand curve has a constant slope the price elasticity will also be constant. It means with an increase in price the demand has also decreased with the same proportion and it is same along the whole demand curve.  

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