Figure 9-2
When an economy is experiencing the aggregate demand and supply conditions depicted in ,
a.
the actual rate of unemployment will exceed the natural rate of unemployment.
b.
buyers and sellers will have correctly anticipated the level of prices P1.
c.
the output y1 will not be sustainable in the future.
d.
all of the above are correct.
b
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In the Keynesian model, a firm's high menu costs cause
A) real-wage rigidity. B) full employment. C) price stickiness. D) efficiency wages.
If the roommates played the game repeatedly where one roommate not cleaning this time would trigger the other roommate not cleaning next time, the Nash equilibrium is most likely to be
a. John cleans, Joe doesn't b. Joe cleans, John doesn't c. Both of them clean d. Neither of them clean
Like the physical and life sciences, as well as other social sciences, economics relies on the ___________ method.
Fill in the blank(s) with the appropriate word(s).
How equal is the distribution of personal income by households in the United States?
What will be an ideal response?