Under NAFTA, labor disputes and issues will be dealt with by the:
a. U.S. Department of Labor.
b. North American Agreement on Labor Cooperation.
c. National Labor Relations Board.
d. U.S. Department of Justice.
Ans: b. North American Agreement on Labor Cooperation.
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Refer to the above figure. Suppose the economy is in long-run equilibrium at point A, and the government initiates an expansionary monetary policy to increase aggregate demand
Which of the following is a TRUE statement concerning the differences between what happens when the central bank action is unanticipated and when it is anticipated? A) The new long-run equilibrium will be point C in either case. When the increase in aggregate demand is unanticipated, the economy moves to B in the short run, but when the increase in aggregate demand is anticipated, short-run aggregate supply shifts when the aggregate demand curve shifts, and the economy moves immediately to point C. B) The new long-run equilibrium when the increase in aggregate demand is unanticipated is point B while the new long-run equilibrium when the increase in aggregate demand is anticipated is point C. C) The new long-run equilibrium is point C in either case. When the increase in aggregate demand is unanticipated, the new short-run equilibrium is point B, but when the increase in aggregate demand is anticipated the new short-run equilibrium is point D. D) The new long-run equilibrium when the increase in aggregate demand is unanticipated is point B while the new long-run equilibrium when the increase in aggregate demand is anticipated is point A.
In the expanded circular flow diagram, the government supplies
A) factors of production to the factor market. B) goods and services to households. C) factors of production to firms. D) goods and services to the product market.
The velocity of money is assumed to be constant in the Classical model because
A) the payment habits of the community. B) fixed level of real GDP. C) the demand for money varies with the level of real output. D) aggregate demand is constant.
If an athlete were to pick the sport where it would be the easiest to move to a desired city, it would be
A. NBA basketball. B. European soccer. C. NFL football. D. Major League Baseball.