Those who believe that the wage rate does not adjust quickly to clear the labor market are likely to believe that the aggregate supply curve is vertical.
Answer the following statement true (T) or false (F)
False
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Answer the following statement(s) true (T) or false (F)
1. The Axelrod study shows that "Tit-for-Tat" is a successful strategy for playing a repeated Prisoners' Dilemma game. 2. The Peltzman study shows consumers overall have benefited from the requirement that drug manufacturers prove the safety and effectiveness of their products. 3. Consumers will be better off when the government imposes minimum quality standards. 4. The Stigler and Friedland study shows that regulation always has significant effects on price, although those effects may be positive or negative. 5. Contestable market conditions will cause a natural monopoly to produce the competitive quantity.
Because GDP does not fully account for improvements in the quality of goods, the GDP calculation
a. tends to overstate the true value of output in the United States. b. tends to understate the true value of output in the United States. c. provides an accurate value of output in the United States. d. measures the value correctly because price changes always capture the value of quality changes.
In-kind benefits are a way of correcting
A. Natural monopoly. B. Market power. C. Inequity. D. Government failure.
Using the information in the table above, depreciation equals
A) -$90 billion. B) $90 billion. C) -$70 billion. D) some amount that cannot be determined.