Table 13-8 the Table Above Reports the Nominal Average Hourly

question 141

Multiple Choice

Table 13-8
The table above reports the nominal average hourly earnings in private industry and the consumer price index for 1965 and 2010.
-Refer to Table 13-8.The real average hourly earnings for 1965 in 2010 dollars equal

• A)$3.87.
• B)$5.80.
• C)$12.10.
• D)$18.14.

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Definitions:

Import Quotas

Limits set by a government on the amount or value of certain goods that can be imported into a country, usually to protect domestic industries.

Voluntary Export Restraints

These are self-imposed limits by exporting countries on the volume of their exports to a particular country, usually to avoid stricter trade barriers.

Administers

The act of managing, directing, or overseeing individuals or processes.

Tariff

A tax imposed on imported goods and services to control trade volumes, protect domestic industries, or generate revenue.