An organization of producers that limits the amount of a good produced is known as a
A) free market organization. B) collective.
C) guild. D) co-op.
C
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In the RBC model, the importance of "intertemporal substitution" of labor supply is ________, which results in a rather ________ labor supply curve
A) denied, flat B) denied, steep C) emphasized, flat D) emphasized, steep
When economists say the supply of a product has increased, they mean the
a. supply curve has shifted to the right. b. price of the product has risen, and consequently, suppliers are producing more of it. c. supply curve has shifted to the left. d. amount of the product that consumers are willing to purchase at various prices has increased.
Rather than seeking to balance the budget, Keynesian economists argue that the government's tax and spending policies should be determined by the
a. demand for government-provided public goods. b. level of aggregate demand required to achieve full employment of resources. c. size and quality of the labor force. d. need to expand or contract the supply of money.
Irving Fisher took the view that the institutional features of the economy which affect velocity change ________ over time so that velocity will be fairly ________ in the short run
A) rapidly; erratic B) rapidly; stable C) slowly; stable D) slowly; erratic