The reluctance to change the relative relationships between wage rates is called a
A) coordination failure.
B) real rigidity.
C) menu cost.
D) macroeconomic externality.
B
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Which of the following is NOT included in the expenditure approach to calculating GDP?
A) investment B) wages C) consumption expenditure D) government expenditures on goods and services E) net exports of goods and services
Out of a set of feasible alternatives, an optimizer should choose the alternative with the:
A) highest net benefit. B) highest opportunity cost. C) lowest total cost, regardless of benefit. D) highest total benefit, regardless of cost.
The Dred Scott v. Sanford decision of the U.S. Supreme Court in 1857
(a) made all persons born in the U.S. citizens. (b) provided U.S. citizenry to the children of U.S. born slaves. (c) permitted slaves to sue others in courts. (d) prevented slaves from being taken away from their owners without due process.
There is a technological advance in the production of digital watches. This will cause:
a. demand to increase. b. supply to increase. c. demand to decrease. d. supply to decrease. e. the price to increase.