One reason for the short-run aggregate supply curve (SRAS) is:
A. a fixed CPI market basket.
B. perfect knowledge of workers.
C. fixed-wage contracts.
D. the upward-sloping production function.
Answer: C
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Investment spending accounts for nearly 60 percent of U.S. GDP.
Answer the following statement true (T) or false (F)
Term limits on political offices have all of the following properties except:
A. prevent officials from holding office for longer than a certain amount of time. B. discourage corruption by ensuring that one person isn't allowed to hold onto power for too long. C. can encourage corruption in reality by placing an official in power with no incentive to answer to his constituency. D. encourage people to run for multiple different political offices.
The most important reason for why some people have higher incomes than others is
A. employment discrimination. B. differences in wages and salaries. C. property income. D. government transfer payments.
An argument in favor of free trade is that trade barriers prevent a nation from reaping the benefits of specialization.
Answer the following statement true (T) or false (F)