The quantities of labor employers are willing and able to hire at alternative wage rates in a given time period, ceteris paribus, is the definition of labor
A. Market power.
B. Demand.
C. Market equilibrium.
D. Supply.
Answer: B
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Starting from long-run equilibrium, a large decrease in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; lower; potential B. expansionary; higher; potential C. recessionary; lower; potential D. recessionary; lower; lower
What assets are included in M1? In M2? Is all of M1 and M2 money? If some assets of M1 or M2 are not money, why are they included in M1 or M2?
What will be an ideal response?
If this is a closed economy, how much will a bushel of corn cost?
A. $7 B. $5 C. $1 D. $3
What happens to the Phillips curve when future inflation is expected to rise?
A. The curve shifts to the right. B. The curve becomes horizontal. C. The curve shifts to the left. D. The Phillips curve is unaffected.