Many economists maintain that
A. the aggregate supply curve is nearly horizontal at low levels of real GDP.
B. the aggregate supply curve is nearly vertical at very high levels of real GDP.
C. any change in aggregate demand will have most of its effect on output when economic activity is low but on prices when the economy is near full employment.
D. All of these responses are correct.
Answer: D
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A) only the costs of an alternative and not the benefits. B) the total net benefits of different alternatives. C) the change in net benefits resulting from a shift from one alternative to another. D) only the benefits of an alternative and not the costs.
The minimum wage may cause businesses to hire fewer workers, and this results in structural unemployment
Indicate whether the statement is true or false
What are Medicaid and Medicare?
What will be an ideal response?
People who choose not to participate in fair gambles are called
a. risk takers. b. risk averse. c. risk neutral. d. broke.