Suppose workers become pessimistic about their future employment, which causes them to save more and spend less. If the economy is on the intermediate range of the aggregate supply curve, then:
a. both real GDP and the price level will fall.
b. real GDP will fall and the price level will rise.
c. real GDP will rise and the price level will fall.
d. real GDP and the price level will rise.
a
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Economists are reluctant to state that price controls are desirable or undesirable because
A) whether the gains from the winners exceed the losses from the losers is not strictly an economic question. B) it is impossible to evaluate the impact on quantity demanded and quantity supplied as a result of price controls. C) sometimes price controls result in increases in economic efficiency and sometimes they result in decreases in economic efficiency. D) economists are reluctant to conduct positive analysis of price controls.
Select the best answer: A recap of the effects of NAFTA for its first 9 years reveals some adjustment costs were offset by:
I. benefits for U.S. manufacturing productivity. II. benefits for U.S. consumers. III. benefits for higher-wage workers in Mexican maquiladora industries. a. I b. II c. III d. I, II, and III
The basic factors of production include
A. Land, labor, money, and inputs. B. Land, labor, capital, and entrepreneurship. C. Labor and money. D. Land, labor, money, and capital.
If you get a job and are never required to join the union, this is known as a(n)
A) closed shop. B) open shop. C) agency shop. D) union shop.