Competition is
What will be an ideal response?
important in both the market and government sectors.
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The indirect effect of an increase in the money supply is to
A) raise interest rates so people will save more. B) lower interest rates, which stimulates both investment and consumption spending. C) put more cash in people's pockets, thereby increasing aggregate demand. D) pay off a portion of the public debt.
Refer to the above figure. Suppose there are L4 workers in the union, and the union wants all of its workers to have a job. It will set the wage rate at
A) W1. B) W2. C) W3. D) W4.
When isoquants get progressively further apart there is
a. increasing returns to scale b. decreasing returns to scale c. constant returns to scale
Which following segment(s) of the aggregate supply curve represents the Phillips curve trade-offs?
a. horizontal segment b. horizontal and the intermediate segments c. intermediate segment d. intermediate and the vertical segments e. vertical segment