In what way is each and every one of the economies of the more than 200 countries of the world similar?
A. all use the same macroeconomic policies
B. each focuses on a Keynesian perspective
C. all have their own distinctive characteristics
D. each focuses on a neoclassical perspective
Ans: C. all have their own distinctive characteristics
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Figure 6-3
In Figure 6-3(a), at any price above $6, quantity demanded
A. falls to zero. B. becomes infinitely large. C. equals price. D. equals the elasticity of demand.
Adam Smith (1776) is primarily associated with the theory that industrialization proceeds at the expense of the working class
Indicate whether the statement is true or false
The full-employment level of real GDP is the level which can be produced with:
A. given technology and productive resources. B. frictional and structural unemployment equal to zero. C. cyclical unemployment greater than zero. D. future technology.
Two explanations for increasing wage inequality are ________ and ________.
A. increased labor supply; a slowdown in productivity growth B. technological progress; a modernized capital stock C. increased worker mobility; transition aid D. globalization; skill-biased technological change