Keynesian economists think general equilibrium is not attained quickly because
A) the real interest rate adjusts slowly.
B) the level of output adjusts slowly.
C) the real wage rate adjusts slowly.
D) the price level adjusts slowly.
D
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Which of the following statements is TRUE?
A) The presence of positive economic profit in a perfectly competitive market is consistent with the characteristics of a long-run competitive equilibrium. B) When firms in a perfectly competitive market incur economic losses, some will exit in the long run, thereby shifting the industry supply curve rightward. C) If a profit-maximizing firm in a perfectly competitive market is making an economic profit, then it must be producing at a level of output where price is greater than average total cost. D) If a profit-maximizing firm in a perfectly competitive market is incurring an economic loss, then it must be producing at a level of output where price is greater than average total cost.
Refer to Figure 2-4. A movement from Y to Z
A) represents an increase in the demand for plastic products. B) is the result of a decrease in preference for food products. C) is the result of advancements in plastic production technology. D) is the result of advancements in food production technology.
If the purchasing power of your debt is increasing over time, we know that the:
A. real interest rate is positive. B. nominal rate of interest is positive. C. inflation rate is greater than the nominal interest rate. D. real interest rate is negative.
Social Security, officially known as Old Age and Survivors Insurance (OASI),
a. collects funds from current workers and invests them in order to provide these workers with a stream of income during the retirement phase of life. b. is based on the same principles as private insurance programs. c. is an intergenerational income transfer program. d. is a voluntary savings program run by the government.