Interventionist economists
a. often advocate less interference in the private sector
b. believe the economy should be left alone
c. rely exclusively on peoples' expectations of future growth to bring the economy to long-run equilibrium
d. advocate that government and the Fed correct what they believe ails the economy
e. believe that the Federal Reserve should either remain independent or be eliminated
D
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Which of the following is a reason why some firms do not use commission pay?
A) The best workers stay and less productive workers leave. B) It is difficult to measure the output and attribute output to a particular worker. C) It gives workers incentive to produce more. D) It increases firm profits.
What happens when the price level falls?
A) Total planned real spending remains constant. B) Total planned real spending increases. C) Total planned real spending also falls. D) Planned real spending on goods increases but planned real spending on services falls.
Refer to the diagram. Assuming equilibrium price P 1, consumer surplus is represented by areas:
A. a + b.
B. a + b + c + d.
C. c + d.
D. a + c.
What does it mean to conduct a sequential search?
A. to determine an asking wage and then accept the first job offer that pays a wage equal to or greater than the asking wage B. to search for jobs even when employed C. to accept the first job that one is offered D. to accept a job offer from an employer, but then to still search for a better job offer E. to apply to all job openings