Table 20-14 the Table Above Reports the Nominal Average Hourly

question 11

Multiple Choice

Table 20-14
The table above reports the nominal average hourly earnings in private industry and the consumer price index for 1965 and 2010.
-Refer to Table 20-14. The real average hourly earnings for 1965 in 1982-1984 dollars equal

• A) $1.28.
• B) $6.49.
• C) $8.28.
• D) $15.45.

---

Definitions:

Price Falls

A situation where the cost of goods or services decreases, often reflecting changes in supply and demand.

Price Ceiling

A government-imposed limit on how high a price can be charged on a product or service.

Equilibrium Price

A price point where the supply of goods meets the demand for those goods in the market.

Quantity Supplied

The total amount of a good or service that producers are willing and able to sell at a specific price over a certain period of time.