If labor contracts prevent wage flexibility, the aggregate supply curve will be
A) vertical.
B) horizontal.
C) negatively sloped.
D) positively sloped.
D
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Refer to Table 14-3. Is there a dominant strategy for Nigeria and, if so, what is it?
A) Yes, it has a dominant strategy depending on what Saudi Arabia does. B) Yes, the dominant strategy is to produce a high output. C) Yes, the dominant strategy is to produce a low output. D) No, there is no dominant strategy.
Explain why one can write the demand for money as the price level times a function of the interest rate and real income as follows: = PxL (R, Y)
What will be an ideal response?
In order to reduce labor supply, a union must be able to
a. do all of the following b. force all employers in the industry to hire only union members c. set wages d. agree to wage concessions e. increase union membership
Production refers to
A) physically producing material goods only. B) any activity of a firm, whether a corporation, partnership, or sole proprietorship. C) any activity that results in the conversion of resources into goods or services that can be consumed. D) any activity that causes a material conversion of manufactured goods.