In the above figure, the break-even output and price is
A) $9 and 14.
B) $13 and 14.
C) $11 and 16.
D) $10 and 17.
D
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If real wages fall as output rises, then in the classical model it must be the case that
a. labor demand rose. b. labor demand fell. c. labor supply rose. d. labor supply fell. e. none of the above.
Those who favor a passive approach to policy believe that:
a. discretionary monetary policy can be used to help the economy since monetary policy lags are short b. discretionary fiscal policy can be used to help the economy since fiscal policy lags are short. c. lags associated with implementing policies are too long and unstable for discretionary policy to be effective. d. despite the lags involved, implementing discretionary policy is preferable to inaction. e. automatic stabilizers cannot be used to help the economy since monetary policy lags are short.
Explain the significance of economic institutions in international trade
Last month a country sold more goods and services to residents of foreign countries than it purchased from them. What does this imply about this country's trade balance?