Which of the following are explanations for sticky prices?
a. long-term labor contracts
b. fixed exchange rates
c. flexible exchange rates
d. fixed money supply
Ans: a. long-term labor contracts
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When a firm's average total cost curve continually declines, the firm is a
a. government-created monopoly. b. natural monopoly. c. revenue monopoly. d. All of the above are correct.
Which of the following macroeconomic variables is a small part of real GDP, yet accounts for a large share of the fluctuation in real GDP?
a) unemployment b) consumer spending c) auto sales d) investment
The president of the Federal Reserve Bank of ________ is always a member of the FOMC.
A. Minneapolis B. Boston C. Washington, D.C. D. New York
Markets exist to facilitate exchange between people.
Answer the following statement true (T) or false (F)