________ shows that if all resources are fully and efficiently utilized, more of one good can be produced only by producing less of another good
A) The mixed market system B) Comparative advantage
C) The production possibilities frontier model D) Absolute advantage
C
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If an increase in price results in no change in total revenue, then demand must be
A) inelastic. B) elastic. C) unit elastic. D) infinitely elastic.
Which of the following is TRUE?
A) Points along the aggregate supply curve show the equilibrium levels of output and prices that are consistent on the demand side of the economy. B) Points along the aggregate demand curve show the equilibrium levels of output and prices that are consistent on the supply side of the economy. C) Aggregate demand shows the levels of GDP and prices where expenditure decisions and production decisions match. D) Aggregate supply shows the levels of GDP and prices where expenditure decisions and production decisions match.
High unemployment is socially wasteful. Why?
How does the theory of efficiency wages explain above-equilibrium wages?
a. Employers are forced by competition to pay higher wages in efficient markets. b. Employers give their workers a higher wage in the hope that it will lead to increased productivity. c. Workers get higher wages when they prove they are increasing their productivity. d. Workers demand higher wages to compensate for poor fringe benefits.