In the new classical model, stabilization policies
a. cannot affect output and employment in either the short run or the long run.
b. affect output and employment only in the short run.
c. have no effect on output and employment, even in the short run.
d. affect output and employment only in the long run.
C
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Waiting in line for a free ticket involves no opportunity cost.
Answer the following statement true (T) or false (F)
Answer the following statements true (T) or false (F)
1) If retailers have a resale price maintenance agreement with a manufacturer, typically if the retailers charge a price above the specified minimum price, this will lower their profit. 2) It is not possible for an online retailer with no physical locations to free ride on other retailers' in-store product-specific services. 3) A manufacturer's ultimate objective in specifying a minimum resale price is promotional. 4) If retailers have a resale price maintenance agreement with a manufacturer, competition forces successful retailers to provide product-specific services. 5) The treatment of resale price maintenance in the European Union is the same as in the United States.
A customs duty is
a. not a tax b. a progressive tax with respect to income c. a regressive tax with respect to income d. a proportional tax with respect to income e. a proportional tax with respect to wealth
Inflation reduces the ability of money to function as a
A) medium of exchange. B) medium of value. C) unit of account. D) store of value.