Classical macroeconomic theorists believed that if there were more workers who wanted to work than there were firms who wanted to hire them, then wages would ________.
A. not change
B. rise slowly
C. resist falling
D. fall quickly
Answer: D
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In Figure 3-2, a point such as E
A. is not obtainable. B. is an efficient use of resources. C. represents an inefficient allocation of resources. D. indicates that the society is a capitalist society.
Suppose there was a large increase in net exports. If the Fed wanted to stabilize output, it could
a. increase the money supply, which will reduce interest rates. b. decrease the money supply, which will reduce interest rates. c. increase the money supply, which will increase interest rates. d. decrease the money supply, which will increase interest rates.
A cost that expires without producing any revenue benefit is known as a(n) _____.
a. profit b. expense c. surplus d. loss
Explain the costs imposed by an increase in inflation
What will be an ideal response?