With respect to an auction market,
a. labor and output are assumed to be traded in markets that are not always in equilibrium.
b. all participants make decisions based on announced nominal wage rates.
c. all participants make decisions based on announced product prices.
d. All of the above
e. None of the above
C
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In the above figure, the shift in the demand curve from D to D2 can be the result of
A) an increase in the price of soda, a complement to pizza. B) a decrease in the supply of pizza that raises the price of pizza. C) an increase in income if pizza is a normal good. D) a change in quantity demanded. E) an increase in the price of a sub sandwich, a substitute for pizza.
Each of the HPAE promoted manufactured exports
Indicate whether the statement is true or false
In the late 1800's deflation caused farmers to suffer as the fall in crop prices reduced their income and thus their ability to pay off their debts
a. True b. False Indicate whether the statement is true or false
Which of the following would be included when calculating Gross Domestic Product?
A. a Social Security check for $1,500 B. the purchase of a previously owned house for $300,000 C. the purchase of a used automobile from a friend D. none of these