In terms of aggregate supply, a period in which nominal wages and other resource prices are fully responsive to price-level changes is called the:
A. long run.
B. short run.
C. immediate market period.
D. very long run.
A. long run.
You might also like to view...
One In the News article is titled "Challenging Work and Corporate Responsibility Will Lure MBA Grads." In the headline, which of the following determinants of labor supply is most explicitly mentioned?
A. Prices of consumer goods. B. Tastes. C. Expectations regarding prices of consumer goods. D. Taxes.
If a monopolistically competitive firm is making profits
A. it can be assured of high profits for all time to come. B. the entrance of new firms decreases the demand facing the firm, thereby reducing profits. C. the entrance of new firms increases the demand facing the firm, thereby reducing profits. D. the entrance of new firms increases costs, thereby reducing profits.
The ________ is the rate of change of the ________.
A. rate of inflation; CPI B. current year price index; base year price index C. CPI; rate of inflation D. base year price index; current year price index
The democratic system of one person/one vote:
A. does not necessarily lead to a political system that favors the poor because many of the poor are illiterate and unable to vote. B. necessarily leads to a political system that favors the poor because the poor organize themselves into groups that can deliver votes to politicians. C. necessarily leads to a political system that favors the poor because there are more poor voters than there are rich voters. D. does not necessarily lead to a political system that favors the poor, because many of the poor do not vote, believing that their individual votes cannot make a difference.