According to Keynes, the main institutional barriers to downward wage and price flexibility were (1) _________________ and (2) ____________________.
Fill in the blank(s) with the appropriate word(s).
strong labor unions; highly concentrated industries
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Based on the model, the competitive price level is
Consider the following model for the production of refined oil: MSC = 10 + 0.5Q; MEC = 0.3Q; MSB = 30 – 0.3Q; MEB = 0. a. PC = $18 b. PC = $20 c. PC = $25 d. PC = $40
Assume that the full-employment level of output is $1,000 and the price level associated with full-employment output is 100. Also assume that the economy's current level of output is $1,100 and at the price level of 100 current aggregate demand is $1,200. If the government moves the economy back to the full-employment level of output by increasing taxes by $50, then the expenditures multiplier equals
A. 2. B. 10. C. 5. D. 4.
In 2017, about what percentage of total income was earned by the richest fifth of all U.S. households?
A. 30 percent B. 50 percent C. 70 percent D. 90 percent
People typically buy more of a product at low price than at a high price
a. true b. false