When public choice economists look at labor markets, they:
A. see individuals lobbying politicians to protect their monopolies.
B. generally see supply and demand forces leading to equilibrium.
C. capture the same aspects of reality that are captured by other economists.
D. focus on the tensions among social classes and generally see exploitation of workers by capitalists.
Answer: A
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In order to ________ the long-run real interest rate, the Fed needs to ________
A) raise; raise the long-run inflation expectations B) raise; lower the long-run nominal interest rate C) lower; raise the long-run nominal interest rate D) lower; raise the long-run inflation expectations
Given the information in the figure above, Joe can benefit from trade as far as the price at which he buys Liz's smoothies is
A) below 5 salads per smoothie. B) not higher than 2 salads per smoothie. C) not lower than 2 salads per smoothie. D) not lower than 1 salad per smoothie. E) not higher than 4 salads per smoothie.
The price elasticity of demand can range between
A) zero and one. B) negative infinity and infinity. C) zero and infinity. D) negative one and one.
When economy-wide business activities are increasing, they are referred to as
A) contractions. B) expansions. C) anti-cycles. D) corrections.