The Hernandez family is buying a house. They have submitted several offers, and one was finally accepted. The time they spent submitting offers is considered part of the
a. negative spillover
b. profit margin
c. market price
d. transaction cost
d. transaction cost
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An increase in a perfectly competitive firm's demand for labor could be caused by
A) an increase in the supply of labor. B) a decrease in the market price of the product the firm produces. C) an increase in the amount of human capital among the labor force. D) a decrease in the market wage rate.
If a nation's production possibilities curve shifts outward, we should expect its long-run aggregate supply curve to
A) have an upward movement along the curve. B) have a downward movement along the curve. C) have a rightward shift. D) have a leftward shift.
In 2009, the top 1 percent of income earners made about
a. 1 percent of all income and paid about 1 percent of all taxes. b. 13 percent of all income and paid about 22 percent of all taxes. c. 22 percent of all income and paid about 13 percent of all taxes. d. 50 percent of all income and paid about 50 percent of all taxes.
In the real business cycle theory, business cycle contractions begin as a result of changes in
A) aggregate GDP. B) aggregate spending. C) aggregate demand. D) aggregate consumption. E) long-run aggregate supply.