The monetarist and the Keynesian approaches are two competing theories of aggregate demand.
Answer the following statement true (T) or false (F)
True
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Briefly describe some of the current policies the United States has in place to limit both fairly and unfairly traded goods
What will be an ideal response?
A major hurricane causes production problems in Gulf Coast region of the United States. This would cause
A) the short-run aggregate supply curve to shift to the left, but there would be no effect on the long-run aggregate supply curve. B) the short-run aggregate supply curve to shift to the left, and the long-run aggregate supply curve would shift to the right. C) both the short-run and the long-run aggregate supply curves to shift to the right in equal amounts. D) both the short-run and the long-run aggregate supply curves to shift to the left, but the long-run aggregate supply curve would shift more than the short-run curve.
When the government mandates that firms supply a particular benefit, it is usually the case that
A. the wage will decrease by more than the cost of providing the benefit. B. the wage will decrease by less than the cost of providing the benefit. C. the wage will increase. D. the cost of providing the benefit is less than the worker's value of the benefit. E. employment will increase.
The reason that the "fast-casual" restaurant market is monopolistically competitive rather than perfectly competitive is because
A) barriers to entry are very low. B) there are many firms in the market. C) products are differentiated. D) entry into the market is blocked.