Which of the following is not consistent with a self-regulating economy?
A) flexible prices
B) flexible wages
C) a labor market in which wages fall if there is a surplus
D) a labor market in which wages rise if there is a shortage
E) none of the above (all are consistent with a self-regulating economy)
E
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Under U.S. commercial policy, which clause permits the modification of a trade liberalization agreement on a temporary basis if serious injury occurs to domestic producers as a result of the agreement?
A) adjustment assistance clause B) escape clause C) most favored nation clause D) prohibitive tariff clause E) anti-dumping legislation
The production possibilities curve for the nation of Economagic shifts to the left. This could have been caused by:
a. an increase in Economagic's labor supply. b. innovation in the production of goods in Economagic. c. a war that destroyed some of Economagic's resource base. d. unemployment among Economagic's workers. e. Economagic's choice of more consumption and less capital last period.
An optimal decision is one that is selected based on an analysis of
a. explicit costs but not implicit costs. b. implicit costs but not explicit costs. c. both explicit costs and implicit costs. d. neither explicit costs nor implicit costs.
In a competitive market, there are so few buyers and so few sellers that each has a significant impact on the market price
a. True b. False Indicate whether the statement is true or false