A perfectly competitive market is characterized by highly advertised goods
a. True
b. False
Indicate whether the statement is true or false
False
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What is the effect on real GDP per person if labor productivity increases?
What will be an ideal response?
The classical assumption that labor markets clear makes it difficult for that model to explain recessions
a. True b. False
Monetarists say:
A. that, because P is stable, a change in M will change Q proportionately in the opposite direction. B. a change in the money supply will change aggregate demand and therefore the nominal GDP. C. a change in the money supply will change velocity, which in turn will change nominal GDP. D. a change in the money supply will change the interest rate, which will change investment spending and nominal GDP.
An unfair distribution of incomes is the result of
A. Income inequity. B. Government failure. C. Market failure. D. Generous philanthropy.