In the upward-sloping segment of the aggregate supply curve,
a. increases in output are linked to decreases in the price level
b. increasing prices drag down resource costs
c. producers can hire more workers without having to raise the wage rate
d. the economy can increase aggregate supply without increasing the price level
e. firms are willing to pay higher wages to get more resources
E
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A free good lacks the element of
a. usefulness. b. scarcity. c. transfer ability. d. tangibility.
The labor market for ultrasound technicians in Cleveland is initially in equilibrium. Which of the following would lead to a lower wage rate and higher employment in that market?
a. a drop in demand for diagnostic services at Cleveland hospitals b. a drop in the price of ultrasound equipment c. an increase in the length of training required for ultrasound technicians d. a shift in potential workers' tastes away from hospital and clinical work e. a wage decrease for ultrasound technicians in nearby cities
The social contract is an idea from:
a. Marx b. Ricardo c. Smith d. Locke e. Hayek
Which definition(s) of the money supply include(s) only items that are directly and immediately usable as a medium of exchange?
A. Neither M1 nor M2 B. M2 C. M1 and M2 D. M1