Keynes believed that
a. perceived that declines in real wages caused by price-level increases would be resisted by labor, whereas an equivalent fall in the real wage from a money wage cut would be accepted.
b. perceived that declines in real wages caused by price-level increases would be more readily accepted by labor than an equivalent fall in the real wage from a money wage cut.
c. workers preferred employment stability to wage stability.
d. would always be acceptable to labor.
e. both b and c.
B
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Which of the following is a function of the U.S. federal government?
A) deciding for whom firms should produce goods and services B) distributing private goods and services C) providing the legal and social framework for economic activity D) determining what wages firms will pay their workers. E) deciding how much to produce of private goods and services
Under the British Navigation Acts, enumerated goods were a list of colonial _______
a. exports showing how dependent the British were on the colonies. b. imports showing how dependent the colonies were on Britain. c. exports that had to be shipped through British middlemen. d. exports that were reserved for the crown.
What would be the profits for Irene's Dairy in equilibrium?
a. 5 million loss b. 5 million c. 10 million d. 20 million
Suppose, in dollar terms, nominal GDP increased approximately 4 percent during a given year, and real GDP decreased 1 percent. Which of the following best explains these events?
a. The money supply increased approximately 4 percent. b. Prices decreased approximately 3 percent. c. Prices increased approximately 4 percent. d. Prices increased approximately 5 percent.