Capitalism and socialism have not existed forever. Capitalism came into existence in the:
A. mid-1700s and socialism came into existence in the early 1900s.
B. mid-1800s and socialism came into existence in the early 1900s.
C. early 1900s and socialism came into existence in the mid-1800s.
D. early 1900s and socialism came into existence in the mid-1700s.
Answer: A
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If the money wage rate does not change, a decrease in the price level will ________ the real wage rate and ________ firms' profit
A) raise; increase B) lower; decrease C) lower; increase D) raise; decrease E) lower; not change
Refer to Figure 3-8. The graph in this figure illustrates an initial competitive equilibrium in the market for apples at the intersection of D1 and S1 (point A)
If there is an increase in the wages of apple workers and an increase in the price of oranges, a substitute for apples, the equilibrium could move to which point? A) none of the points shown B) B C) C D) E
The market demand function for wheat is Qd = 10 - 2P and the market supply function is Qs = 4P - 2, both measured in billions of bushels per year. Suppose the government wants to increase the price of wheat to $3/bushel and they impose a price floor to achieve their goal. How much wheat goes to waste under the program?
A. 10 billion bushels per year B. 4 billion bushels per year C. 6 billion bushels per year D. No wheat goes to waste.
Key idea of the aggregate expenditure model is that in any particular year, the level of GDP is determined mainly by
What will be an ideal response?