According to Keynes, wages are inflexible because
A) of the minimum wage set by government.
B) of unions and long-term contracts.
C) workers do not behave in their own self-interest.
D) the economy is never in the long run.
B
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An economic expansion rather than a recession occurs
A) when the federal budget is balanced. B) when the unemployment rate falls below 5 percent. C) when growth in real GDP is positive. D) when the unemployment rate is not changing.
If a country had a real GDP of $500 million, and the GDP deflator was110, what is the nominal GDP?
a. $440 million b. $540 million c. $450 million d. $550 billion
U.S. law requires that parity price ratios be maintained at 100 percent
Indicate whether the statement is true or false
Economists are often required to make unrealistic assumptions concerning the problems they are investigating
a. True b. False Indicate whether the statement is true or false