51) if the nominal wage is $12, and CPI is 1.01. What is the real wage?

a) 10.99

b) 13.01

c) 11.88

d) 12.12

52) in computation of the GDP of a country for a particular year, the double counting

a) Means that investment will be exaggerated

b) Means that consumption will be inadequately counted

c) Leads to the undervaluation of all goods and services

d) Leads to the overvaluation of goods and services

53) a model in the economic sense

a) Never takes into consideration the rest of the world

b) Is the same as the lab experiments

c) Has a full and perfect description of an economic situation

d) Whose essential elements allow researchers to better analyze a situation

54) sunk costs can be defined as

a) Controllable costs

b) Not relevant for decision making

c) Costs to be incurred in the future

d) Paid after the fact

55) value of marginal product of labor refers to

a) The fact that higher real prices increases employment

b) VMPN=P*MPN

c) The price of the worker s output

d) The productivity of workers

56) which of the following is a feature of perfectly competitive markets

a) There a few sellers

b) There is a perfect information

c) Market participants display monopolistic behavior

d) There is a single buyer

59) in computation of the GDP of a country for a particular year, the do......

a) Means that investment will be exaggerated

b) Means that consumption will be inadequately counted

c) Leads to the undervaluation of all goods and services

d) Leads to the overvaluation of goods and services