Table 13-15 -Refer to Table 13-15

question 98

Multiple Choice

Table 13-15
$$\begin{array} { | c | c | c | } \hline \text { Year } & \begin{array} { c } \text { Nominal Average } \\\text { Hourly Earnings }\end{array} & \text { CPI } \\\hline 2011 & \$ 10 & 100 \\\hline 2012 & 10 & 105 \\\hline 2013 & 12 & 110 \\\hline\end{array}$$
-Refer to Table 13-15.Looking at the table above,real average hourly earnings in 2011 were

• A)$9
• B)$9.52
• C)$10
• D)$12.63

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Definitions:

Common Property Resource

Resource to which anyone has free access.

Efficient Use

Utilization of resources in such a way that maximizes the production of goods and services at lowest cost.

Coase Theorem

A principle stating that if trade in an externality is possible and there are no transaction costs, bargaining will lead to an efficient outcome regardless of the initial allocation of property.

Usage Fee

A charge imposed for using a particular service or facility, typically structured according to the extent or duration of use.