Refer to the Information Provided in Table 16

question 52

Multiple Choice

Refer to the information provided in Table 16.1 below to answer the questions that follow.
Table 16.1

-Refer to Table 16.1.From 2011 to 2013 nominal wages

• A)rise.
• B)fall.
• C)stay the same.
• D)rise then fall.

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Definitions:

Producer Surplus

The disparity between the minimum amount producers are prepared to take for a product or service and the higher amount they end up getting.

Blockade

An act of sealing off a place to prevent goods or people from entering or leaving, typically implemented as a form of economic or military pressure.

Producer Surplus

The difference between what producers are willing to sell a good for and the actual price they receive.

Autarky

A financial strategy or condition where a nation is independent and refrains from participating in global commerce.