If it is a cultural norm to practice an afternoon "siesta" (nap), it is likely that the labor:
A. supply in that culture would be relatively lower at any wage.
B. demand in that culture would be relatively lower at any wage.
C. supply in that culture would be relatively greater at any wage.
D. demand in that culture would be relatively greater at any wage.
Answer: A
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Identify the statement which is true of a barter system? a. In a barter system, trade will only occur if there is a double coincidence of wants. b. In a barter system, an individual offers coins to get a good or service
c. In a barter system, an individual offers a commodity money to get fiat money. d. In a barter system, different kinds of money are exchanged for one another. e. In a barter system, individuals are self-sufficient.
Based on the figure below. Starting from long-run equilibrium at point C, a tax increase that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies.
A. D; C B. D; B C. A; B D. B; C
The Classical economists argued that:
A. if unemployment occurs, it will cure itself because wages will fall. B. if inflation occurs it will cure itself because prices, wages, and interest rates will rise. C. aggregate expenditures may be too low. D. a market economy will not experience unemployment in the short run.
While marketable pollution permits may ________ the total amount of pollution, they may ________ pollution in local areas.
A. increase; decrease B. decrease; increase C. decrease; not change D. not change; increase