The sticky-price theory of the short-run aggregate supply curve says that when the price level is higher than expected, some firms will have
a. higher than desired prices, which leads to an increase in the aggregate quantity of goods and services supplied.
b. higher than desired prices, which leads to a decrease in the aggregate quantity of goods and service supplied.
c. lower than desired prices, which leads to an increase in the aggregate quantity of goods and services supplied.
d. lower than desired prices, which leads to a decrease in the aggregate quantity of goods and services supplied
c
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In the foreign exchange market, a balance of payments surplus is represented by:
A) excess supply of dollars. B) excess demand for dollars. C) equilibrium in the foreign exchange market. D) none of the above.
Negative autocorrelation in the change of a variable implies that
A) the variable contains only negative values. B) the series is not stable. C) an increase in the variable in one period is, on average, associated with a decrease in the next. D) the data is negatively trended.
Legal or governmental restrictions that give monopolistic advantages to a firm include all of the following EXCEPT
A) economies of scale. B) tariffs. C) licenses. D) franchises.
The costs and benefits of mercantilist policies on the colonies produced a ______ to the American colonies
a. small net benefit b. small net cost c. large net cost d. large net benefit