Table 20-15 -Refer to Table 20-15. Looking at the Table Above, Real

question 134

Multiple Choice

Table 20-15

-Refer to Table 20-15. Looking at the table above, real average hourly earnings in 2011 were

• A) $9.
• B) $9.52.
• C) $10.
• D) $12.63.

Appreciate the necessity of critical thinking skills in a global high-tech world.

Analyze the benefits of fostering a culture of critical thinking in workplaces.

Evaluate arguments and reasoning within discussions and written work critically.

Identify failures of critical thinking and understand their consequences.

---

Definitions:

Equilibrium

In economics, a state where market supply and demand balance each other, and as a result, prices become stable.

Coconuts

Tropical fruits or the hard-shelled seeds of the coconut palm, often used metaphorically in economics and game theory to represent tradable resources.

Civic Authorities

Government officials or bodies responsible for governing a city or town, and managing local services and regulations.

Long-run Supply Function

An economic concept that describes the total quantity of products that firms are willing to supply over a long period, taking into account the adjustments in production factors and technology.