Every society faces some basic economic choices such as
a. what quantities of goods and services to produce.
b. which resources to use.
c. who gets to have what share of the output.
d. All of these.
d. All of these.
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Joe's increase in wages has been identical to the increase in the price level. Joe thinks that he is better off and has increased his expenditures. Joe's behavior is consistent with
A) the classical model. B) Say's law. C) money illusion. D) a vertical aggregate supply curve.
The ________ effect means that, other things remaining the same, the higher the wage rate, the less time people will spend working and the more time people will spend at leisure
A) price B) labor C) income D) substitution
According to the model of the macro economy in Figure 18.3, a shift from LRAS1 to LRAS2 will cause, ceteris paribus,
A. A decrease in the level of output. B. An increase in the unemployment level. C. An increase in government spending. D. A decrease in the price level.
The Clayton Act of 1914:
A. prohibited selling products at "unreasonably low prices" with the intent of reducing competition. B. made it illegal to monopolize a market. C. repealed the Sherman Act. D. outlawed price discrimination for the purpose of reducing competition.