In a market system, intermediaries in the exchange process are known as
A) producers.
B) consumers.
C) middlemen.
D) free agents.
C
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Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
Why does the model of perfect competition imply that firms will produce the products that households want the most?
What will be an ideal response?
Which of the following increases total factor productivity?
A) investment in machinery B) a harsh winter C) better access to credit D) new production procedures
A primary objective of labor unions is to
A. seek better pay and improved work conditions. B. have equal power with their employer. C. secure equal pay for its members. D. all of these. E. none of these.