If the wage is kept above the equilibrium level because of minimum-wage laws, then the result is unemployment; if the wage is kept above the equilibrium level for some other reason, the result need not be unemployment
a. True
b. False
Indicate whether the statement is true or false
False
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The dollar price of a good relative to the average dollar price of all other goods and services is the good's:
A. nominal price B. equilibrium price C. market price D. real price
The Fed has the least degree of discretion and the least to do under a policy rule setting
A) the growth rate of money. B) the growth rate of high-powered money. C) the Federal funds rate. D) nominal GDP.
An increase in household debt will lead to an increase in consumption expenditures
a. True b. False Indicate whether the statement is true or false
Scarcity is a problem that
a. exists only in the poorer countries of the world b. would disappear if resources were less limited c. can be solved by rapid advances in technology d. exists in every economy e. the rich have solved