Which of the following is not believed to cause recent increases in wage inequality?
A) international trade
B) contractionary monetary policy
C) skill-biased technological progress
D) all of the above
E) none of the above
B
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Monopolistically competitive firms
A) have market power because they can set price above marginal cost. B) have no market power because they earn zero economic profit. C) have no market power because of free entry. D) have no market power because price equals marginal cost.
When a 9% increase in price leads to a 6% increase in quantity supplied, supply is relatively inelastic
a. True b. False Indicate whether the statement is true or false
The Federal Reserve Act establishing the Federal Reserve System was passed by Congress in
A. 1788. B. 1913. C. 1863. D. 1934.
Figure 9.1 shows three aggregate demand curves. A movement from point b to point c could be caused by a(n)
A) decrease in government spending. B) decrease in the price level. C) decrease in taxes. D) increase in the money supply.