Refer to the information provided in Figure 1.4 below to answer the question(s) that follow.
Figure 1.4Refer to Figure 1.4. Panel A shows a curve which has a slope that is
A. first negative, then zero, and then positive.
B. first positive, then zero, and then negative.
C. infinite throughout.
D. zero throughout.
Answer: A
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The new Keynesian model has ________ in common with the real business cycle model
A) wage and price stickiness B) a theory of aggregate demand C) procyclical inflation D) a microeconomic foundation
People generally purchase less of a commodity as its price increases. This implies that the relationship between quantity purchased and the price of the commodity must have a
a. slope always equal to one. b. positive slope. c. zero slope. d. negative slope.
Higher standards of living are the result of
What will be an ideal response?
The old saying, “There are no free lunches,” can best be used to explain that ______.
a. free-riders will use goods without paying for them b. there are trade-offs for every government program c. transaction costs prevent the completion of most deals d. private firms are more efficient than the government